National Bank of the Republic of Tajikistan meets the IMF for the third PCI review and outlines reforms on reserve averaging, payments infrastructure and insurance digitalisation

The National Bank of the Republic of Tajikistan held discussions with an International Monetary Fund delegation as part of the third review of Tajikistan’s Policy Coordination Instrument (PCI), taking stock of progress under the programme and discussing future plans. The talks focused on structural reform priorities spanning monetary policy implementation, the insurance sector, and digitisation in banking and insurance. The central bank pointed to recent improvements in the financial indicators of insurance organisations and ongoing work to modernise insurance infrastructure, refine legislation, digitise insurance services, strengthen corporate governance and expand public outreach. It also cited reforms to enhance the effectiveness of monetary policy, including the introduction of a required-reserve averaging mechanism and the launch of daily monitoring of required reserves by credit institutions, alongside continued development of digital services and payments infrastructure through national RTGS and QR-code platforms and the planned establishment of a National Payment Integration Center. The meeting reviewed the results achieved under the PCI and the work programme ahead, with continued technical and advisory engagement between the central bank and the IMF envisaged.