The National Bank of the Republic of Tajikistan held a press conference summarising monetary policy and financial sector developments in the first half of 2025, reporting that inflation remained within the 5% ±2 percentage point target band and that the refinancing rate was lowered by a cumulative 0.75 percentage points to 8.25% per annum. Inflation was 1.8% over January to June, while 12-month inflation in June stood at 3.6%. Liquidity management included 61 securities sale auctions totalling TJS 12.4bn and overnight deposit operations that averaged TJS 1.3bn per day, and the somoni’s official rate strengthened by 9.4% against the USD. As of 30 June 2025, 65 financial credit institutions were operating; sector assets and liabilities were TJS 52.2bn and TJS 42.1bn, total deposits were TJS 29.3bn, and new lending reached TJS 13.7bn, with microloans of TJS 10.2bn and weighted average lending rates of 22.4% in TJS and 11.8% in foreign currency; the capital adequacy ratio was 23.8% versus a 12% requirement. The update also cited growth in cashless payments, with 9.1 million payment cards, 15.7 million e-wallets and 56.3 million non-cash transactions worth TJS 19.4bn in January to June, and referenced an IMF Article IV and Policy Coordination Instrument review, reported USD 3.0bn of foreign investment attracted to the banking system, and noted sovereign rating affirmations by Standard & Poor’s and Moody’s.

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