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Money and Capital Markets in Tajikistan and Using the Experience of Foreign Countries

The capital market of Tajikistan is at the stage of development, which makes it possible to train competent specialists in this field. The market should become a reliable source of financing the economy, contributing to its financial stability and stable growth. In this regard, in recent years, the attention of international financial institutions is focused on the problem of development of the securities market in the country. 
On March 12, 2019 a practical seminar on «Formation and development of the money market and capital market in the Republic of Tajikistan: basics, trends and forecasts of the using foreign experience» was held at the national library of Tajikistan, initiated by the Tajik State Finance and Economics University, the Ministry of Finance of the Republic of Tajikistan and the European Bank for Reconstruction and Development. Domestic and foreign experts took part at the seminar. 
The following people made a speech at the event: Deputy Minister of Finance of the Republic of Tajikistan Majidi Yusuf; the Head of the Main Administration of State Loans and Attracting Public Investment Salimzoda Z. H.; the Head of Representative Office of the European Bank of Reconstruction and Development in Tajikistan Ayten Rustamova, the Representative of the Department to Support the use of National Currency and Development of the Capital Market of the European Bank for Reconstruction and Development Fernando Gonsalez; Responsible for Working with Financial Institutions of the Representative Office of EBRD in Tajikistan, Bahodur Yusupov; Advisor to the EBRD Jaromir Hurnik; Acting Head of Department of Monetary Policy, Research and Development of the National Bank of Tajikistan Nigina Kurbanalieva; Head of the Department of Open Market Operations of the National Bank of Tajikistan Mirhaet Yakubov; the Representatives of the Tax Committee under the Government of the Republic of Tajikistan, the Ministry of Economic Development and Trade of the Republic of Tajikistan, the Chamber of Commerce and Industry of the Republic of Tajikistan, JSC «Stock exchange of Central Asia», the State Savings Bank of the Republic of Tajikistan «Amonatbonk», the International Monetary Fund, JSC «Bonki Eskhata», as well as industry experts.
During the seminar the problems and issues related to the state of the securities market in the country and its regulation were discussed. The formation and development of the capital market, in particular the securities market in the country, as well as the role of the private sector in this process were also discussed. The participants of the seminar also discussed the state of legal acts of the industry, the development and formation of the money market and the capital market, the ways to prevent the depreciation of the national currency, identified the ways to improve monetary policy.
The Vice-rector for science of TSFEU Bakhrom Safarov took part at the debate, who made practical suggestions for eliminating the shortcomings existing in the sphere of securities market. 
After the presentations, the participants of the seminar received answers to their numerous questions. 
Since the beginning of its activities in Tajikistan, the EBRD has invested more than 600 million euros in 120 projects that have been implemented in various sectors of the country's economy. At the same time, 32 percent was directed to the financial sector and to support entrepreneurship in the republic.
It should be noted that the seminar will continue its work on March 13 at the Tajik State Finance and Economics University, which will be attended by experts in the field of securities market. 

N. Rahimzoda.,
N. Tuichizoda