NBT Reported on Results of Its 9 Months Activity in 2008
OREANDA-NEWS. On October 23, 2008 The press conference for domestic and foreign mass-media where the activity of NBT for nine months of current year were summed up held in the National Bank of Tajikistan (NBT), reported the press-centre of NBT.
Addressing the journalists the Chairman of the National Bank of Tajikistan Sharif Rahimzoda has noted that in January-September of current year the tendency of real growth of production, stable development of economy and improvement of macroeconomic situation of the country has proceeded.
It has been noted that increase of the prices in the world market both other external and internal factors have led to inflation rate growth in the republic. Irrespective of it the rates of development of economy of the republic current year have saved relative soundness:
- For 9 months 2008 - 12374, 8 million Somoni, growth of 7,2 %;
- For 9 months 2007 - 8 929, 3 million Somoni, growth of 7,1 %
- The plan for 2008 - 16 135, 0 million Somoni, growth of 8,0 %;
- For 9 months 2008 - reached 12, 7 % (in September it made 0, 7 %);
- For 9 months 2007 – it made 12,3 %;
- Prices for foodstuff - 14,5 %;
- Prices for non foodstuff - 4,4 %;
- Paid services of 21,2 % (gas, electric power, air and railway tickets).
3. Trading balance (for 9 months)
- Foreign trade turnover – USD 3 544, 1 million;
- Export – USD 1146,8 million, growth of 4,8 % (aluminum, cotton fiber and vegetables);
- Import – USD 2 397, 3 million - 43,3 % (oil products and grain crops);
- Deficit of trading balance: USD 1250,5 million (34, 5 % of GDP), growth – for 2,2 times.
Main reasons (for the first half year)
a) rise in prices for imported goods;
b) implementation of investment projects in the country for the amount of USD 659,1 million;
c) inflow of direct foreign investments – USD 383, 0 million;
d) construction of new objects: highways of Dushanbe - Chanak (USD 182,8 million), Dushanbe - border of Kirghizia (USD 25,0 million), construction of tunnels (Anzob - (USD 38,4 million), Shahriston, Shar-Shar), transmission facilities of the South-north (USD 116,3 million), Lolazor - Khatlon – USD 47,8 million, power station "Sangtuda - 1" (USD 219,4 million), hotels (USD 46,4 million).
4. The rate of national currency to US dollar (for 9 months)
2007 – official rate decreased to 0,5 %;
2008 – official rate became stronger on 1,6 %;
- purchase rate became stronger on 2,8 %.
5. Money supply (for September 30, 2008)
- Reserve money: 1 634,8 million Somoni, in comparison with the beginning of the year increased up to 15,3 % (216,2 million Somoni);
- Cash in circulation: 1 442,8 million Somoni, in comparison with the beginning of the year has increased to 30,0 % (332,8 million Somoni);
6. Exchange rate policy
- Reduction of required reserves standard from 12 % to 9 % - 11 %;
- Reduction of dollarization of economy more than 70 % (deposits of 33,7 % in national currency and 66,3 % in foreign currency without the account of promissory notes);
- refinancing rate 16,0/14,75/14,0;
The total amount of gold and foreign currency reserves as of October 20, current year made USD 179, 0 million.
Purchase of foreign currency as of October 20, current year made USD 191,0 million.
- Purchase of gold at the rate of 561,2 kg. (USD 16,0 million);
For this period the National Bank of Tajikistan has paid off with the following foreign debts:
USD 152 million – CJSC Kazcommerzbank;
USD 51,24 million – Commerzbank AG, Germany;
USD 40 million – Deutsche Bank, Germany;
USD 15,1 million - IMF (according to the schedule)
7. Banking system (as of August 31, 2008)
- The number of credit organizations - 106 including: 12 banks, 7 - credit societies, 1 - NFO, 11 micro credit deposit organizations, 34 micro lending organizations, 41 – micro lending funds;
- Total assets - 6 298,0 million Somoni, growth for 11,2 % in comparison with the beginning of the year;
- Total liabilities - 5 407,0 million Somoni, growth for 8,0% in comparison with the beginning of the year
- Balance capital - 892,0 million Somoni, growth for 35,2% in comparison with the beginning of the year.
8. Deposits (as of October 1, 2008)
The amount of total balances of deposits made 2 327,1 million Somoni, that in comparison with last year has increased to 8,1 % (including deposits of legal entities - 60,8 % and individuals - 39,2 %); In comparison with the beginning of the year deposits in national currency increased to 17,0 % and deposits in foreign currency decreased by 8,4 %.
9. Credits (recent data for October 1, 2008)
- The amount of balances of credits - 4 713,4 million Somoni, growth for 18,5% in comparison with the beginning of the year;
- 47,5 % in national currency and 52,5 % in foreign currency (in 2007 it made 27,9 % in national currency and 72,1 % in foreign currency), in comparison with last year the issued credits in national currency have increased in 2,5 times and in foreign currency to 8,4 %;
- amount of extended credits - 2 395,4 million Somoni;
- amount of repaid credits - 1 707,7 million Somoni;
- the average term was increased from 334 days to 360 days (for 9 months);
- In 2007 - average term has been changed from 345 days to 322 days (for 9 months);
- The average interest rate of credits: 23,6 % - in national currency and 23,47 % in foreign currency (in 2007 made 23,9% in national currency, 23,2% in foreign currency).
10. Micro credits (as of October 1, 2008)
- The amount of extended micro credits - 1 318, 4 million Somoni increased in comparison with the previous year to 598, 3 million Somoni or for 1, 8 times.
11. Payment system (for 9 months)
- Total amount of effected payments - 6 197,3 thousand Somoni;
- Total amount of payments - 56 895,6 million Somoni;
As of October 1, 2008:
- 50 983 units of plastic cards, it increased for 1,7 times;
- Owners of plastic cards - 47 774;
- 110 cash machine operate, their number increased to 28,8 %;
- 104 terminals in cash delivery points, increase for 15, 6 %;
- 64 terminals in trade and services points, increase for 52, 3 %.
At the press conference it was underlined that today the world financial crisis and its negative influence on economy of the countries of the world continues to cause a huge financial damage.
It has caused such consequences, as change of prices in the world market, change of the American dollar exchange rate, price index on world financial stock exchanges, bankruptcies of some banks, small and large companies in the developed countries.
The governments of some countries have already allocated more than USD 2 billion for account of budgetary funds with a view of prevention of their banks from insolvency, thus, the USA – USD 700 billion, Germany – 500 billion Euro, France - 360 billion Euro, Netherlands - 10 billion Euro, Switzerland – USD 59,2 billion, Russia – USD 50 billion, South Korea – USD 100 billion and etc. Also for these purposes IMF has allocated to Ukraine – USD 14 billion and European Central Bank of Hungary - 5 billion Euro, China for Pakistan – USD 3-4 billion.
During the press conference the representatives of mass-media were interested in such important issues as the settlement of debts of cotton sector, consequence of the world financial crisis, decrease of interest rate of extended credits by commercial banks, refinancing rate of the NBT, required reserves and etc.
At the end of the press conference the Chairman of the National Bank of Tajikistan answered the questions of journalists.