At a press conference on first-half 2026 results, the National Bank of the Republic of Tajikistan provided an update on monetary and banking conditions, reporting that annual inflation stood at 4.1 percent in June within the lower end of its 5 percent ± 2 percentage point target band. First-half inflation was 2.4 percent. During the period, the central bank reduced its refinancing rate by 0.5 percentage point to 7.0 percent, conducted 39 securities auctions totaling TJS 82.5 billion and absorbed excess liquidity through overnight deposit operations averaging TJS 2.0 billion a day. The official USD exchange rate against the somoni rose 0.17 percent in the first half. By June 30, Tajikistan had 69 financial credit institutions in operation. Sector assets rose 21.8 percent year on year to TJS 63.6 billion, liabilities increased 22.4 percent to TJS 51.5 billion, balance-sheet capital reached TJS 12.1 billion and the capital adequacy ratio stood at 24.3 percent against a 12 percent requirement. Deposits increased 25.7 percent to TJS 36.9 billion, with 60.9 percent denominated in local currency, while lending during the reporting period grew 23.6 percent to TJS 16.9 billion. Of new lending, TJS 4.3 billion, or 25.2 percent, went to productive entrepreneurship and microloans totaled TJS 12.8 billion. The update also pointed to continued growth in digital payments. By end-June, bank payment cards totaled 12.4 million and electronic wallets 19.8 million, while noncash transactions using those instruments reached 152.0 million worth TJS 38.3 billion in January through June, up 1.7 times by volume and 97.6 percent by value from a year earlier. The share of noncash payments for goods and services rose to 41 percent, up 13 percentage points year on year. The National Bank also referred to sovereign rating actions during the period, with Standard & Poor's confirming Tajikistan at B/B and revising the outlook to positive, and Moody's upgrading the country to B2 with a stable outlook.
National Bank of the Republic of Tajikistan2026-07-20
National Bank of the Republic of Tajikistan reviews first half 2026 results, annual inflation at 4.1 percent and refinancing rate at 7.0 percent
At a press conference reviewing first-half 2026 results, the National Bank of the Republic of Tajikistan said annual inflation was 4.1 percent in June and the refinancing rate had been reduced to 7.0 percent. By end-June, banking sector assets were up 21.8 percent year on year and deposits were up 25.7 percent. Noncash payments via cards and electronic wallets reached 152.0 million transactions worth TJS 38.3 billion, lifting the noncash share of payments for goods and services to 41 percent.