The National Bank of the Republic of Tajikistan has shared an interview with its chairman, Firdavs Nazrimad Tolibzoda, published in The Investor’s special issue “The Investor Tajikistan 2025”, covering the regulatory and legal framework for foreign investors, recent banking sector performance and priorities including green and inclusive finance. The interview highlights legal protections under Article 7 of Tajikistan’s Law on Investment, including equal treatment of foreign and domestic investors and an explicit prohibition on confiscation and nationalisation of foreign investors’ assets. It also describes reforms to facilitate foreign entry into banking, including a defined licensing process with bank licence applications reviewed within no more than three months and a minimum charter capital requirement of TJS 80 million (about USD 7.3 million) for new banks. As of end-2024, Tajikistan’s banking system comprised 65 licensed credit financial institutions, including 15 conventional banks and one Islamic bank, and foreign capital accounted for 28% of the system (up from 8% in 2019), with 13 institutions reported to have full or partial foreign ownership. Reported 2024 indicators included USD 5.1 billion in foreign investment into financial institutions (up 77% year on year), banking system net profit of TJS 1.25 billion (up 24.6%), average capital adequacy of 21.8% versus a 12% minimum, liquidity of 78.3%, and a non-performing loan ratio of 7.1% at end-2024. On sustainability-related initiatives, the interview references support for the National Green Economy Development Strategy (2023–2037) and the development of green finance tools including green credit lines and project-specific guarantees, alongside cooperation with development partners. It also notes the expansion of Islamic banking, with one Islamic bank and three Islamic windows reported as operating in December 2024 and attracting more than TJS 138 million in deposits and investments. Measures cited to strengthen transparency and confidence include publication of detailed information on ownership structure, capital and financial indicators for each credit financial institution, an expansion of deposit insurance since March 2023 to TJS 35,000 and to additional depositor categories, and an extension of the asset legalisation amnesty law through 2026, which the interview links to more than TJS 8 billion entering the formal financial system.
National Bank of the Republic of Tajikistan 2025-11-27
National Bank of the Republic of Tajikistan publishes The Investor interview on foreign bank entry rules and 2024 banking sector results
The National Bank of the Republic of Tajikistan's chairman, Firdavs Nazrimad Tolibzoda, discussed the regulatory framework for foreign investors, banking sector performance, and priorities like green and inclusive finance. Key points include legal protections for foreign investors, reforms to facilitate foreign entry into banking, and significant growth in foreign investment and banking profits in 2024. The interview also highlights sustainability initiatives, the expansion of Islamic banking, and measures to enhance transparency and confidence in the financial system.