IMF to support Tajikistan's National Bank to develop risk management system

DUSHANBE. June 2 (Interfax) - Representatives of the National Bank of Tajikistan (NBT) and the International Monetary Fund mission have discussed performance assessment and improvements to the regulatory framework for risk management, the NBT press service reported.

The parties during the meeting exchanged views on the practical assessment to implement risk management policies at the NBT; improvements to the operational risk management system; development of a risk appetite indicator and key operational risk indicators; as well as discussed measures to mitigate the effect of potential risks on the NBT's operations and align management procedures with international standards.

NBT Chairman Firdavs Tolibzoda noted the productive and multifaceted nature of IMF-NBT cooperation to develop the risk management system at the country's central bank.

"The National Bank of Tajikistan is taking timely measures to improve the risk management system and implement best international practices, as well as expanding its interaction with international financial organizations," Tolibzoda emphasized.

Tolibzoda said that utilizing modern risk assessment and control tools is essential to improve the efficiency of the banking system, ensuring financial stability, and preventing the negative effect of potential risks. The IMF experts' recommendations will contribute to bolstering financial stability and further improving the NBT's modern risk management system.

Sanjiv Mathai, head of the International Monetary Fund expert mission, in turn confirmed the commitment to further developing bilateral cooperation in risk analysis and management. This particularly includes operational risks, compliance control, correspondent risks, cybersecurity, IT, and other related areas.