Financial Sector Assessment : Republic of Tajikistan
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World Bank
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Financial intermediation in Tajikistan
has deepened in recent years, albeit from a low base. This
is reflected in the overall growth of the financial system,
greater diversification, and the expansion of lending to
previously under-served sectors, such as agriculture and
small- and medium-sized enterprises. Even after the
expansion, however, the financial sector remains small and
cannot serve all the financing needs of the economy. While
banks are generally well capitalized and liquid, their rapid
growth has brought new risk exposures that should be
carefully monitored and appropriately addressed. In
particular, rapid loan growth could lead to a build-up of
unrecognized credit risk and give rise to an increase in
non-performing loans (NPLs). Because of extensive
dollarization, the exposure of banks to exchange-rate
induced credit risk is another significant cause for
concern. Also, the exceptionally rapid growth of nonresident
deposits without clear knowledge of their sources exposes
the banking system to reputational risk. Significant
strengthening of the regulatory and supervisory framework
will be needed to sustain the system's health in the
face of rapid growth. Governance in the financial sector
needs significant strengthening. Improvements are needed to
ensure the integrity of the regulatory bodies and to
guarantee that all financial transactions are conducted at
arms' length and priced on a market basis. Fair and
transparent resolution of the large stock of distressed
cotton debt would demonstrate the government's
commitment to market principles and good governance.
Palabras clave
ACCESS TO BANKS, ACCOUNTING, AGRICULTURAL CREDIT, ARREARS, ASSET CLASSIFICATION, ASSET MANAGEMENT, ASSET MANAGEMENT COMPANY, ASSET SALES, AUCTION, AUDITING, AUDITS, AUTONOMY, BANK ASSETS, BANK BRANCHES, BANK DEPOSITS, BANK LIQUIDITY, BANK OWNERS, BANK SPREADS, BANKING LAW, BANKING REGULATION, BANKING SECTOR, BANKING SECTORS, BANKING SUPERVISION, BANKING SYSTEM, BANKING SYSTEM ASSETS, BANKRUPTCY, BANKRUPTCY LAW, BENEFICIARY, BOND ISSUANCE, BORROWER, BROAD MONEY, CAPITAL ADEQUACY, CAPITAL INVESTMENTS, CAPITAL REQUIREMENT, CAPITAL REQUIREMENTS, CENTRAL BANK, CENTRAL BANK FACILITIES, CHECKS, COLLATERAL, COMMERCIAL BANKS, COMPETITIVE MARKET, CONSOLIDATED SUPERVISION, CONTINGENT LIABILITY, CONTRACT LAW, CORPORATE GOVERNANCE, CREDIBILITY, CREDIT BUREAUS, CREDIT GROWTH, CREDIT HISTORY, CREDIT INSTITUTIONS, CREDIT LINES, CREDIT PROVIDERS, CREDIT RISK, CREDIT RISK ASSESSMENT, CREDIT SOCIETIES, CREDIT UNIONS, CREDITOR, CREDITORS, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT DEFICIT, DEBT, DEBT ACCUMULATION, DEBT BURDEN, DEBT RELIEF, DEBT RESOLUTION, DEBT SERVICE, DEBT STOCK, DEMAND DEPOSITS, DEPENDENT, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT TAKING INSTITUTIONS, DEPOSITS, DISTRESSED ASSETS, DOMESTIC CREDIT, DOMESTIC CREDITS, DOMESTIC CURRENCY, ECONOMIC POLICIES, EMPLOYMENT, EQUIPMENT, EXCESS LIQUIDITY, EXCHANGE RATE, EXPENDITURE, EXTERNAL DEBT, FEE INCOME, FINANCIAL DEEPENING, FINANCIAL DEVELOPMENT, FINANCIAL HEALTH, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIATION, FINANCIAL POLICY, FINANCIAL POSITION, FINANCIAL REPORTING, FINANCIAL SERVICES, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FINANCIAL TRANSACTIONS, FINANCING REQUIREMENTS, FORECLOSURE, FOREIGN BANK, FOREIGN BANK ENTRY, FOREIGN BANKS, FOREIGN CURRENCY, FOREIGN EXCHANGE, FOREIGN LENDERS, GOOD FAITH, GOOD GOVERNANCE, GOVERNMENT BOND, GOVERNMENT DEBT, GOVERNMENT GUARANTEES, GOVERNMENT SECURITIES, GROSS SETTLEMENT, HOLDINGS, IMMOVABLE PROPERTY, INCOME DISTRIBUTION, INDUSTRIAL LOANS, INFLATION, INFORMATION SYSTEM, INFORMATION SYSTEMS, INFRASTRUCTURE LOANS, INSIDER LENDING, INSOLVENCY, INSOLVENT, INSTRUMENT, INSURANCE, INSURANCE COMPANIES, INSURANCE INDUSTRY, INSURANCE PENETRATION, INSURANCE PRODUCTS, INSURED DEPOSITS, INTEREST RATE, INTEREST RATE SPREADS, INTERNAL CONTROLS, INTERNATIONAL RESERVES, INTERNATIONAL STANDARDS, JOINT STOCK COMPANY, JUDICIAL SYSTEM, LAND USE, LAWS, LEGAL FRAMEWORK, LEGAL FRAMEWORK FOR BANKRUPTCY, LEGAL MECHANISMS, LEGAL PROTECTION, LEGAL PROVISIONS, LEGAL REQUIREMENT, LEGISLATION, LEVEL PLAYING FIELD, LIQUIDITY, LIQUIDITY MANAGEMENT, LOAN, LOAN CLASSIFICATION, LOAN MATURITY, LOAN PORTFOLIO, LOAN REPAYMENTS, LOAN SIZES, LOANS TO INDIVIDUALS, LOCAL GOVERNMENTS, LOCAL INVESTORS, MARKET PARTICIPANTS, MARKET PRICING, MICROCREDIT, MICROFINANCE, MINIMUM CAPITAL ADEQUACY RATIO, MINIMUM CAPITAL REQUIREMENT, MONETARY INSTRUMENTS, MONETARY POLICY, MONEY MARKET, MORTGAGE, NATIONAL BANK, NEGOTIATION, NONBANK FINANCIAL INSTITUTIONS, NONPERFORMING LOANS, OPEN JOINT STOCK COMPANIES, OUTSTANDING STOCK, OWNERSHIP LINKS, PAYMENT ORDERS, PAYMENT SYSTEM, PAYMENT SYSTEMS, PORTFOLIO, PORTFOLIOS, PRIVATE BANKS, PRIVATE CREDIT, PRIVATE CREDIT BUREAU, PRIVATIZATION, PROPERTY RIGHTS, PROVISIONING RULES, PRUDENTIAL REQUIREMENTS, PUBLIC CONFIDENCE, PUBLIC DISCLOSURE, PUBLIC FUNDS, REAL INTEREST, REAL INTEREST RATES, RECAPITALIZATION, REGISTRATION PROCESS, REGULATORY FRAMEWORK, REMITTANCE, REMITTANCES, REORGANIZATION, REPAYMENT, RESERVE, RESERVE REQUIREMENTS, RESERVES, RETURNS, RISK EXPOSURES, RISK MANAGEMENT, SECONDARY MARKET, SECURITIES, SECURITIES MARKETS, SEIZURE, SETTLEMENT, SHAREHOLDERS, SUBSTANDARD LOANS, SUPERVISORY ACTIONS, SUPERVISORY FRAMEWORK, TECHNICAL ASSISTANCE, TRADE CREDIT, TRADING, TRANSACTION, TRANSITION ECONOMIES, TRANSPARENCY, YIELD CURVE