Publication:
Financial Sector Assessment: Republic of Tajikistan

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Date
2015-05
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Published
2015-05
Abstract
Tajikistan’s economy is entering a downturn and the banking sector is showing substantial weaknesses. Although regulation has improved in line with recommendations of the 2007 financial sector assessment program (FSAP), supervision and enforcement have been lagging behind. The widespread solvency problems in the sector must be addressed head-on and the authorities should be jointly prepared to cope with the worst. As the current banking sector development strategy is ending, the main stakeholders in financial policy should develop a comprehensive strategy that addresses issues in achieving greater financial stability, efficiency, and inclusion in Tajikistan. To fully realize the potential of its financial infrastructure in support of financial stability, efficiency, and inclusion, Tajikistan needs to implement further reforms: the private credit reporting system draws on data sourced from banks and microfinance institutions but fails to exploit other useful data such as telecommunication companies, utilities and insurance companies to evaluate the creditworthiness of individuals with greater efficiency; enforcement of immovable collateral can benefit from improved out-of-court enforcement and credit collection through auction sales, which is quite ineffective; and to achieve greater use of non-cash payments, greater efforts are needed to stimulate both demand and supply of non-cash instruments and capture a greater share of the remittance market.
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International Monetary Fund; World Bank. 2015. Financial Sector Assessment: Republic of Tajikistan. © World Bank, Washington, DC. http://hdl.handle.net/10986/23661 License: CC BY 3.0 IGO.
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