Tajik parliamentary speaker has criticized a report of the National Bank of Tajikistan (NBT) on the forecasts of the country’s monetary policy for 2014 and indictors of the monetary policy for the first nine months of this year.

A regular sitting of the fifth session of the Majlisi Namoyandagon (Tajikistan’s lower chamber of parliament) of the fourth convocation, presided over by its head, Shukurjon Zuhurov, was held o November 13.

The NBT head Abdujabbor Shirinov presented the report on the forecasts of the country’s monetary policy for 2014 and indictors of the monetary policy for the first nine months of this year.

Shirinov noted that Tajikistan’s currency reserves were expected to rise 15 percent next year.  “Net profit of the banks will rise 15 percent and the loan reserve growth rate will stand at 16 percent in 2014,” he said.

The Majlisi Namoyandagon speaker expressed concern about the monetary policy conducted by the country’s banking system.

Shukurjon Zuhurov, in particular, noted that interest rate on loans provided to the population and economic entities remained high and not all borrowers were able to repay loans fully and in time.

He also said that the country’s banking system did not control an efficient and targeted use of loans by local entrepreneurs.  

“Besides, it seems to me that your statement about the stability of the exchange rate of the national currency is unfounded,” Zuhurov noted.

For his part, Tajik central bank head noted that over the past two years the stability of the exchange rate of the national currently has been kept in the country mainly due to receipt of foreign currency from abroad.

Asked about the reason for increase in imports and decrease in exports of Tajikistan, Shirinov noted that imports have increased in recent year due to delivery of vehicles and building materials to the country while the country’s exports have decreased following the fall in international prices of cotton fiber and aluminum.

The NBT head also noted that Tajikistan has become re-exporter of cars for the first time this year.

The Majlisi Namoyandagon deputies unanimously endorsed the forecast of the country’s monetary policy for 2014.