National Bank of the Republic of Tajikistan sets out reserve-building and inflation-targeting priorities in IMF regional discussions

The National Bank of the Republic of Tajikistan reported that its chairman, Firdavs Tolibzoda, used an International Monetary Fund (IMF) meeting of Middle East and Central Asia directors to outline policy priorities aimed at strengthening Tajikistan’s resilience to external shocks. The priorities include building international reserves, improving debt management, and further developing the transition toward an inflation-targeting framework alongside greater policy transparency and public communication. Tolibzoda highlighted spillovers to small economies from uncertainty and monetary policy shifts in large economies, swings in global liquidity, and exchange-rate volatility. The IMF session also covered financial market instability, climate-related project finance, preparing financial sectors for a greener future, economic digitisation, financial-sector resilience strategies, and the role of authorities in reducing climate-related financial risks. Separately, he pointed to ongoing projects under Tajikistan’s 2022–2026 Financial Inclusion Strategy that support women, youth, and small businesses, with an emphasis on human capital and digital entrepreneurship. Later, Tolibzoda met IMF regional director for Asia and the Pacific Takashi Nagaoka to discuss strengthening regional cooperation and building institutional capacity under the JISPA programme.