Authors
Kholboboev F.S. – Candidate of Economic Sciences, Leading Researcher at the Institute of Economics and Demography of the National Academy of Sciences of Tajikistan, Dushanbe, Republic of Tajikistan, faizullo.sx@gmail.com
Nazarov D.T. – Candidate of Economic Sciences, Leading Researcher at the Institute of Economics and Demography of the National Academy of Sciences of Tajikistan, Dushanbe, Republic of Tajikistan, nazarov.dt@yandex.ru
Sharipov B.M. – Doctor of Economics, Chief Researcher of the Institute of Economics and Demography of the National Academy of Sciences of Tajikistan, Dushanbe, Republic of Tajikistan, b_sharipov@mail.ru
Annotation
The article considers changes and trends in the world markets due to the impact of various forms of shocks on the small open economy of Tajikistan. In particular, the impact of shocks associated with the Covid-19 pandemic and Russia’s confrontation with most of the world community due to a special military operation in Ukraine and the introduction of a package of sanctions against it is considered. A characteristic feature of the application of sanctions against Russia is the transition from a limited package to the involvement in this process not only of the United States and EU countries, but also of the entire world community, aimed at completely blocking and isolating the Russian economy and financial system from global chains and markets, including the freezing of foreign exchange reserves The Central Bank of Russia, restrictions on the activities of large state and private banks, disconnection from the international payment system (SWIFT), etc. The main channels of influence of external shocks on the economy and the financial and banking sector of Tajikistan through various channels, including the reduction in the volume of remittances and their falling purchasing power, delays in international payments, increased costs of conversion and servicing of financial liabilities denominated in foreign currencies, are considered. The necessity of taking anti-crisis and preventive measures by the Government of the Republic of Tajikistan, combining both traditional and innovative tools of economic regulation, aimed at minimizing the risks and costs of the national economy, economic entities and the population has been substantiated.
Key words
globalization, sanctions, challenges, shocks, financial and banking sector, dollarization, national payment system, alternative payment system, currency, reserves, SWIFT, monetary policy
References
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Publication date
2023-10-27