The Ministry of Finance of Tajikistan jointly with partners and under support of the European Bank for Reconstruction and Development (EBRD) held the third session of the Working Group for Development of Tajikistan’s Capital Market (Working Group).
The meeting that took place at the Office of the Central Asian Stock Exchange in Dushanbe on June 10 reportedly focused on discussion of the structure of the draft law on issuance of government securities, which is being formulated under technical support of the EBRD.
This draft law is expected to be submitted for consideration to the government before the end of this year.
Established in March 2019, the Working Group is led by Deputy Finance Minister Majid Khairullo and its members include representatives of the National Bank of Tajikistan (NBT), the Ministry of Finance, the Ministry of Economic Development and Trade, the Tax Committee, the Ministry of Justice, the State Committee on Investments and State-owned Property Management (GosKomInvest), the Agency for Social Insurance and Pensions, the Central Asian Stock Exchange, Deposit Insurance Fund, as well as representatives of some other government bodies and private sector.
The main objective of the Working Group is in supporting development of capital market in the country, developing appropriate legal foundation, improving the market infrastructure and solving other organizational issues related to the country’s capital market.
The capital market is expected to become a reliable source of financing of Tajikistan’s economy, promoting its financial sustainability and stable growth through wider use of the national currency.
A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold. Capital markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments. Financial regulators oversee capital markets to protect investors against fraud, among other duties.
