Financial System of Tajikistan: Indicators and Assessment Criteria
Keywords:
financial system, comparative analysis, efficiency and stability of the financial system, financial depth, availability of financial services, credit spread, Islamic banking, MusharakaAbstract
Objectives. Comprehensive assessment of the financial system of the Republic of Tajikistan on the basis of the integration of the World Bank methodology and the methodology of comparative analysis. Results. An assessment of the financial system of Tajikistan showed that the financial systems of Tajikistan are bank-oriented, with insufficient financial depth and efficiency and low access to financial services, a certain margin of stability in the banking system and a virtually non-existent functioning stock market. Conclusion. Integration of the World Bank’s methodology and comparative analysis methodology based on the priority of qualitative characteristics of the object of study, the value of macrosocial level, the importance of individual cases allows obtaining a comprehensive assessment of the country's financial system. The paper analyzes the financial system of Tajikistan by the criteria of depth, availability, efficiency and stability. A matrix of its key characteristics is presented. Special attention is paid to negative consequences of high value of credit and deposit spread for Tajik economy. Measures for its reduction are proposed: targeting the world average value with appropriate regulatory measures by the National Bank of Tajikistan; implementation of Islamic banking into the banking system of Tajikistan, in particular, the elements of Musharaka and Islamic crowd banking.
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