National Bank of the Republic of Tajikistan advances money market reform work with the European Bank for Reconstruction and Development and OG Research

The National Bank of the Republic of Tajikistan said it held meetings in Prague with the European Bank for Reconstruction and Development and OG Research on strengthening the operating framework for monetary policy, with money market development a priority as it implements the inflation-targeting regime announced from the start of 2026. Discussions also covered international practice in monetary policy, limiting adverse monetary pressures on inflation, and the use of econometric models for macroeconomic analysis and forecasting. The work focused on the interbank market, including development of a benchmark interest rate, determinants of interbank funding costs, tools for regulating and managing the funds of financial credit institutions, and mechanisms for placing and accessing liquidity. The bank said reforms carried out in recent years have strengthened the institutional and operational basis for monetary policy, and that further reforms will continue to refine policy instruments, deepen the money market, strengthen the interest rate transmission channel, and align the operating framework with international practice. The parties said they were ready to continue cooperation and jointly implement further initiatives in support of monetary policy development.