National Bank of Tajikistan reduce metal reserves

189 views Economy 0

The gold and foreign exchange reserves of the National Bank of Tajikistan exceed the adequacy standards of international financial institutions for developing countries, said the head of the Tajik National Bank Firdavs Tolibzoda in Dushanbe, Asia Plus reports.

He did not disclose the volume of gold and foreign exchange reserves in monetary terms, noting only that the volume of these reserves exceeds 5.5 months of covering the republic’s imports.

The average monthly import volume of Tajikistan in 2023, according to official data, was $490 million.

According to Tolibzoda, the share of metal in the gold and foreign exchange reserves of the NBT at the beginning of this year amounted to 8%.

The vast majority of these reserves are foreign currencies, including SDRs (Special Drawing Rights - the International Monetary Fund's reserve and tender facility) and an external investment portfolio.

Exactly a year ago it was reported that the volume of gold and foreign exchange reserves of the NBT exceeded 5.8 months of import coverage.

It was noted that 86% of the regulator’s international reserves are the foreign exchange part, 12% is monetary gold, and 2% is the external investment portfolio.

In Tajikistan, the Ministry of Finance, along with the National Bank of Tajikistan, has its own gold and foreign exchange reserves, the volume of which is not disclosed.

According to officially unconfirmed data, the international reserves of the Ministry of Finance of Tajikistan are approximately at the same level as the reserves of the National Bank of Tajikistan.

Meanwhile, according to statistics, Tajikistan exported precious metals worth more than $1.1 billion in 2023, which is almost half of the country’s exports last year. The volume of exports of precious metals last year increased 2.2 times compared to the previous year.

CentralasianLIGHT.org

February 14, 2024