The National Bank of the Republic of Tajikistan held a presentation on the planned transition to a required reserve averaging mechanism, framing it as part of the preparatory work for moving toward an inflation targeting regime and delivering existing national monetary policy strategy documents and the International Monetary Fund Policy Coordination Instrument through 2025. The Financial Market Department briefed domestic financial credit institutions and relevant central bank units on how the averaging mechanism would be set up and applied. The Bank set out expected benefits including more efficient liquidity management by credit institutions, development of the interbank market, improvements in banking-system liquidity forecasting, and a stronger monetary policy transmission mechanism, and concluded with Q&A on the formation and management of required reserves and other operational aspects of the mechanism.
National Bank of the Republic of Tajikistan 2025-06-13
National Bank of the Republic of Tajikistan presents a shift to required reserve averaging as an enhanced monetary policy tool
The National Bank of the Republic of Tajikistan presented plans to transition to a required reserve averaging mechanism as part of its move toward an inflation targeting regime. The Financial Market Department outlined expected benefits, including enhanced liquidity management, interbank market development, and improved monetary policy transmission. The session concluded with a Q&A on reserve formation and management.