On the first of June there ensues the two-months-term for legalization of monetary capital by the population of the country in accordance with the law “On Amnesty of Tajikistan Republic Citizens to the Issue of their Monetary Resources Legalization”. Only some days - to say exactly, four ones - remain till the end of this important law and economy campaign. However, there is a good deal of questions which are unclear yet for common citizens. It may account for population not displaying especial aspiration for legalization of their monetary savings, though it is early yet to speak about any concrete results until the lawful time comes. Of course, you can’t help taking into consideration the mentality of our people who got used to keep money in “stocking”. And how much money was lost under every monetary reform! To say the truth, money was devalued in banks too - this fact puts people on the alert to some extent. But nobody ever asked anyone to preserve money in the kind it exists. Still it may be deposited in a prospective affair, converted into property, made to bring ensured profit. Thanks God, the times have changed. Nobody will make you to give account of the property you do have as it was in the Soviet period. Let only your actions be legal. In reference to the problems which may excite the population of the country and become an inhibiting factor for citizens’ participation in this campaign the editorial-board of “Varorud” spoke with the representatives of Tajikistan Republic National Bank Sughd viloyat department, they shared their opinion in regard to the adopted law, its essence and importance. Abdullojon Sharipov, chief of cash operation section, agreed to explicate these items.
The collapse of the Soviet Union and the promulgation of independence by republics eventuated not only in the rupture of economy ties, but in complete paralysis of banks either. In Tajikistan the situation was complicated by the civil war which undermined finally the economy of the republic. In the atmosphere of anarchy and chaos which burst out in the country lasting up to signing of the Agreement on peace and concord bank frameworks, practically launched anew, confronted difficulties in regaining the trust of population which had suffered great losses being deprived of its deposits due to monetary reforms. I must say that this process was endured by all the countries of the post-Soviet space, economically powerful Russia inclusive. It was just that period when the power turned out to be unable of controlling many processes, the more enterprising part of population had an opportunity to amass a monetary capital, someone did it in accordance with the law; others getting round it. Today the law “On Amnesty of Tajikistan Repulic Citizens to the Issue of their Monetary Resources Legalization” seems to allow an opportunity for the population not to be answerable further on for illegal action on monetary resources accumulation. A number of questions requiring commentaries may be raised here.
The first question which should be put by citizens is what purpose the law pursues. See how many enterprises in the country, in Sughd Viloyat in particular, are in demurrage. They can’t function mainly due to lack of finances. Curtailment of production caused unemployment. Our compatriots are compelled to earn their daily bread thousand kilometers far from their motherland. To say the truth, some of them manage to have good money beyond the boundaries of the country. But sometimes this money doesn’t work throughout months or years. There are no scanty of people whose money doesn’t work for the benefit of their own. Meanwhile, it’s not for the first year that Tajikistan seeks for investments abroad. Wouldn’t it be better if economy projects were invested by home entrepreneurs, rank-and-file citizens of the country having a monetary capital at their disposal? Attraction of new resources into economy would enable enterprises to get investments for restoration of assets and circulating money, in its turn it would create new job vacancies for population. This is the primary purpose the law pursues.
I think the item in reference to the established term to be reasonable in this connection. Why two months namely and no more? Why not once and for ever? Any power unable to establish the surroundings under which law and order are observed is doomed to soon perdition. Prolongation of such type of “easy time” may again lead to anarchy. Having adopted this law the state forgives crimes. Don’t you think that somebody can perceive it as flabbiness and connivance on the part of the state? To my mind, two months are quite enough to take a decision. The state resorts to this step because it needs acutely investments, which would be aimed again at citizens’ benefit. People knowledgeable for economic issues are aware of other countries to adopt similar laws. Thus, for example, in Russia this term was equal to 45 days, in Kazakhstan - 30. Our President defined the concrete term being equal to 60 days, it is much longer: since April 1 up to June 1, 2003; that being an extraordinary one-occasion-action. I deem, one shouldn’t reckon for adjournment.
Another question arises: to what extent is this measure voluntary and what will become of those monetary resources the population wouldn’t wish to legalize? I must say, this campaign is exclusively voluntary. Those who raised their money by honest labor and accurately paid taxes conforming with their incomes won’t have troubles. But those who broke the laws and didn’t avail themselves of amnesty have to be in the alert. But it doesn’t mean that the state intends to conduct a total check of each family’s budget. Simply a variant of financial violations on the part of separate citizens, which may emerge is not excluded. Then law-enforcement bodies have a right to demand that a citizen should account for illegal transactions, tax payment defaults, though, one should confess, all at a running are not within state’s reach. I suppose, tax discipline in the country may be toughened in the nearest time already. In this connection I would like to draw your attention to such simple example which refers to the allowed opportunity, whether citizens run a risk if they prefer to ignore it. Say, tax organs get to know about the fact of a big revenue gained by some citizen but concealed from them due to certain reasons. Imagine what sum will be lost by this citizen if to take into consideration the functioning legislation of the country based on progressive taxation: the higher your incomes are, the bigger imposition you are laid upon. Legalizing resources, citizens are exempt of taxes from this sum. Now our banks pay sufficiently high percent on deposits - up to yearly 36% in national currency and up to 24% on deposits in foreign currency respective of term. But legalizing their monetary resources citizens may deposit them not only into banks. They can take part in a formation of a chartered capital of bodies incorporate, in privatization of state-owned property, acquisition of shares or other valuable papers. These are mostly effective forms of accrual of monetary capital if to take into account that our market has not been reclaimed yet and there is a lot of free space in it for application of these means.
Separate citizens may be put on the alert by this campaign proclaimed by the National Bank. Different questions may spring up. Why should money enter special accounts? Why should these services be effectuated by concrete banks listed in the inventory? Why only five foreign currencies are available? Won’t these accounts be consigned to verification later on? And a lot of other doubts.
All this things shouldn’t bother our citizens in any way. In the first, banks bear responsibility for a divulgence of information concerning deposits and their possessors in accordance with the legislation of the country. In the second, the seventh article of the law “On Amnesty of Tajikistan Republic Citizens to the Issue of their Monetary Resources Legalization” guarantees the advocacy of citizens who legalized their money. Special accounts are important in order to facilitate operations on investing economy projects for banks; the law was adopted holding this factor in view. As for the inventory of banks, population’s interests were taken into account. “Orienbank”, “Agroinvestbank”, “Amonatbank”, “Tojiksodirotbank”, “Khujandbank”, “Eskhata” Bank, “TAjikindustrybank” and “Kafolat-bank” bound t effectuate operations on legalization are the most reliable banks for today. They have not only good currency reserves, but a wide network of correspondence relations with the banks of foreign countries either. At the same time they have filials and authorized units all over the republic. If to touch upon the question why operations are carried out in English pound, USA dollars, euro, Russian ruble and Japanese iena - it is explained by the fact that population keeps its savings namely in these currencies. It goes without saying that stability of these currencies is a factor of no small importance either.
The issue concerned with trust in regard to banks is worth mentioning once more. It was no easy matter to regain this trust anew. The developing relations of cooperation between banks and population speak in favor of trust. There is an increase of clients enjoying bank services; population’s deposits are multiplying. People see the advantages of it. Our compatriots working abroad much oftener put their money to correspondence accounts of our banks in Russia, Kazakhstan, other CIS countries and those ones of far abroad in order to get it retrieved later in Tajikistan. The practice of courier transference being popular not long ago but accompanied with great risk is conceding gradually to bank services. However, not all people can overcome the old psychology. For this it is important to start cooperating with banks and see the use for yourself and your family. I think, it is the matter of time.
I presume, there is one question more our readers are interested in. We have been constantly speaking about the poverty level in the country, accentuating the fact of Tajikistan being the poorest state in the world. Where will our population take such sum of money, which would finance big economic projects? When we speak about poverty we
mean average statistical data. We can’t deny to have middle and rich layers of population. Into the bargain, I am not sure that all savings are really working today. Not to be proofless I shall deliver an example. Only for the period of 2002 and the first quarter of 2003 monetary transfers from Russia to Sughd viloyat made up 28 million dollars. It is the sum which would enable to function no one enterprise being in demurrage. This money is kept by population at home. Accumulating these resources in banks one can finance a real sector of economy.
Sceptics and people who don’t follow the course of economy life and dare on any occasion to accuse the government of imitating other states and who hereby motivate their reasonings with the expressions of the type “national peculiarities”, “specificity”, “mentality” are prone to think that the parliament and the president have simply domesticated a foreign law the recurrent time. I venture to assure you that this solution is the result of a scrutiny in regard to the experiences of the countries which once sustained the same hardships as Tajikistan does today. In Russia, Ukraine, Kazakhstan this law was followed with a large stream of additional resources promoting macroeconomic stability, improvement of investitive climate. So, our recently adopted law in question is not devoid of sense. Merely people should understand that the state is guided with exclusively beneficial intentions aimed at raising the economy of the country in order to provide a worthy life for the citizens of Tajikistan.
Now a few words about the scheme of our work during the rest of the days. Under Khujand department of the National Bank there are the headquarters on legalization of monetary resources, they work daily in the span of 7.00 - 22.00. In regard to this issue viloyat residents may phonee in Khujand: 65421 or 40368.