The National Bank of the Republic of Tajikistan reported that it held a training seminar in Guliston on “Implementing monetary and credit policy in modern conditions” as part of Tajikistan’s 2021–2025 monetary policy strategy and the Eurasian Council’s 2025 retraining programme for central bank staff. The seminar brought together representatives of the central banks of Kazakhstan, Belarus, Tajikistan and the Russian Federation, with a focus on experience-sharing and approaches to managing banking system liquidity. Presentations covered the conduct of monetary policy, including the modernisation of required reserves, the National Bank’s practical use of operational monetary policy instruments, liquidity forecasting mechanisms, and interbank market indicators, alongside the role of communications policy in monetary policy implementation. Participants also discussed the structure and use of monetary policy tools and their impact on monetary and macroeconomic indicators; the liquidity forecasting mechanism was described as assessing system liquidity over short- and long-term horizons to inform the use of standing monetary instruments aimed at supporting money supply stability and mitigating inflationary and exchange-rate pressures. Certificates were issued to participants at the end of the seminar.
National Bank of the Republic of Tajikistan 2025-04-24
National Bank of the Republic of Tajikistan hosts Eurasian central bank seminar on modern monetary policy and liquidity management
The National Bank of the Republic of Tajikistan held a seminar in Guliston on implementing monetary and credit policy as part of its 2021–2025 strategy and the Eurasian Council's retraining programme. Attended by central bank representatives from Kazakhstan, Belarus, Tajikistan, and Russia, the event focused on experience-sharing in managing banking system liquidity and modernising monetary policy tools, including liquidity forecasting, operational monetary policy instruments, and their impact on macroeconomic indicators.