In a market economy, the credit and banking policy in the Republic of Tajikistan is a tool with which to stimulate or restrain the economic development of the country. The enabling role of such policies is fully manifested if they are designed taking into account the characteristics of the national economy.
The economy of Tajikistan is characterized by the following features. First, it is an economy that functions as the economy of a sovereign state, in terms of experience, for a short time (since 1991). Secondly, it is the economy, which as a result of the civil war suffered huge material losses and human casualties. Third, it is the economy that is in transition - from centrally planned to market. Fourth, due to the development of the economy of the Republic in strict accordance with the principles of division of labor and specialization within the single economic complex of the former USSR, the development and deployment of the productive forces of the Republic occurred at the expense of comprehensive and proportional development of the national economy. Fifthly, due to the instability of the political situation for a long time, the real reform of the economy with a view to transition to market relations began only after the establishment of peace and harmony in society, i.e. after 1997.
The above-mentioned features of the economy of Tajikistan predetermined the dynamics and level of economic development, the nature of the solution of numerous socio-economic problems. More specifically, it should be noted that there is still a significant gap in the current volume of production from the beginning of the recession in the economy (GDP in 2006 to GDP in 1990 is 62.5%), actual unemployment is more than 30%, the poverty rate is more than 60%. In these circumstances, in our opinion, the long – term goal of the credit and banking policy achieved through the implementation of the medium-term program is to ensure accelerated economic growth. Since the strategic importance of accelerated economic growth in relation to the conditions of Tajikistan has already been highlighted in the publications of economists of the Republic. It should be noted that higher rates of economic growth than offered by our leading economic agencies and international economic organizations can ensure an increase in the level and quality of life of the country's population.
In the context of the question it is important to note that the implementation in the activities of the credit and banking policy of the country, the objectives of accelerated economic growth to achieve full employment of the economically active population, as a key direction of development of economy of the Republic is the involvement in the economic turnover of energy and mineral resources and the rational use of fast-growing human capital.
In this regard, the issues of choice and effective use of the instruments of the credit and banking system of the Republic are particularly important. The instruments most actively used for this purpose are the operation of the National Bank on the open market, the regulation of the refinancing rate and the norms of mandatory reserves of commercial banks. It was noted that the long-term objectives of the credit and banking policy are implemented through medium-term programs. In the practice of the National Bank of Tajikistan, such a program is presented in the form of a medium-term strategy for the development of the banking sector of the Republic. For example, such a strategy until 2009 provides for increasing the level of monetization to 12-15%, expanding the set of monetary policy instruments, improving the mechanism of mandatory reserves by reducing the rate of mandatory reserves, increasing demand for Bank loans from the real sector of the economy, resuming the issue of government securities, the organization of the market of corporate securities operating through the stock exchange of the Republic of Tajikistan.
It is important to emphasize once again that the national Bank (NB) of the Republic, judging by official data, pays close attention to the above-mentioned instruments, especially the norms of mandatory reservation by commercial banks and the rates of their refinancing, using them to regulate the money supply in the country. Most importantly, the national Bank is taking measures to systematically reduce them. Thus, the law of the Republic of Tajikistan of 21 February 1991" On the National Bank of the Republic of Tajikistan " granted the National Bank the right to establish mandatory reserves for banks on deposits and other similar obligations.
According to Tajik banking legislation, a Bank is a credit institution that has the right to attract funds from individuals and legal entities, place them on its own behalf and at its own expense on the terms of repayment, payment, urgency and carry out settlement operations on behalf of customers.
Banks of the Republic of Tajikistan now perform various operations to meet the financial needs of all types of customers from small depositors to large companies. According to some estimates, large banking institutions carry out up to 100 types of operations and services for their clients. These include: maintenance of Deposit accounts, non-cash transfers of funds, acceptance of savings, issuance of various loans, purchase and sale of securities, transactions by proxy, storage of valuables in safes, etc.
Commercial Bank has the ability to attract funds of enterprises, organizations, institutions, the public and other banks in the form of deposits (deposits) and opening their respective accounts. Demand deposits are inherently unstable, limiting their use by commercial banks. For this reason, low or no interest is paid to account holders.
On demand deposits, banks are required to keep a minimum reserve in the National Bank of Tajikistan.
In modern conditions, commercial banks to quickly raise funds use the opportunities of the interbank resource market, where the sale of funds raised by other credit institutions. The interbank mechanism is the main source of loans to maintain the solvency of the balance sheet and ensure continuity of obligations. It is provided, as a rule, in the framework of correspondent relations. The mechanism of interbank correspondent relations provides for the opening of correspondent accounts by some banks in others for the implementation of payment and settlement operations on behalf of each other.
Attraction of the interbank credit is carried out either independently by Bank by direct negotiations, or through financial intermediaries. If the banks themselves agree on an interbank loan, their relations are formalized by special contracts, the bulk of which is for a period. In conditions of inflation, the most common terms of interbank loans are 3-4 months.
Also, commercial banks can obtain a loan from the National Bank of Tajikistan as refinancing and on a competitive basis.
Among the active operations of commercial banks are: loans (including factoring and leasing transactions), investments in securities, cash and other.