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  • Macroeconomic Indicators for 2017
  • Inflation for February
  • Annual inflation, February
  • Money Supply, billion TJS (January)
  • Monetary Base, billion TJS (February)
  • Monetary policy rates (% per annum)
    • Refinancing Rate
      (from March 20, 2017)16,0
    • Overnight loans rate18,0
    • Reserve requirement ratio,
      national currency (april)3,0
    • Reserve requirement ratio,
      foreign currency (april)9,0
    • Average rate on NBT's
      securities (january)9,5
  • Interest Rate in 2017 (% annual
  • Average weighted rate on time depos.in national curren.(January)
  • Average weighted rate on loans in national curren(January)
  • Average weighted rate of interbank loans
  • Average weighted interest rate on mortgage(residential)loans(January)
  • Average weighted interest rate on consumption loans (January)
  • Яндекс.Метрика

General Review

One of the key components of financial system of the country is payment system, in this regard the National Bank of Tajikistan (hereinafter referred to as the NBT) pays special attention to the development of payment system.

Payment system is an interconnected system of technologies, procedures, rules, and  money transfer system, providing the circulation of money. The functioning of payment system and interrelations between its members are adjusted by the legislative and normative acts of the NBT, as well as by the appropriate bilateral agreements.

The main function of payment system is realization of money transfers between credit organizations through correspondent accounts, opened within the NBT.

The members of payment system are the NBT, 116 credit organizations (from them: 18 commercial banks, 91 Microfinance organizations), Main Department of Central Treasure of the Ministry of finance of RT, Interstate Bank in Moscow city, JSCB “Novikombank” in Moscow city, Bank “National Clearing Centre“ (Joint-stock company) in Moscow city,  Credit union “Paiment Center” in Novosibirsk city, European Bank for Reconstruction and Development in London city and The People’s Bank of China. Large credit organizations of the Tajikistan have a wide branch network consisting of 436 branches.

Settlements between commercial banks and their branches can be realized by:

- correspondent accounts (subaccounts), opened  in NBT;

- direct correspondent relations, i.e. through the correspondent accounts opened by credit organizations for each other, omitting the NBT;

- intrasystem settlements between branches subordinated to one credit organization.

Credit organizations can simultaneously carry out interbank settlements in several ways, but thus they should proceed from principles of reliability, expediency and acceleration of effecting of settlements. Each credit organization (except the microcredit organizations and microcredit funds) is obliged to have the correspondent account at NBT and centrally to carry out all settlements of its branches. The NBT’s departments carry out settlements of credit organization and their branches under «Contract on rendering of services on interbank settlements». The settlements between credit organizations on direct correspondent relations are carried out under «Contract on direct correspondent relations». Payments on correspondent accounts (subaccounts) of credit organization and their branches opened NBT are carried out only within the limits of availability of money resources on the correspondent account of the credit organization.

One of the primary goals of the NBT is maintenance of effective, reliable and uninterrupted functioning of settlements system. The National Bank of Tajikistan being guided by Laws of the RT «On National Bank of Tajikistan», «On banks and banking activity» and normative acts, determines the main directions of perfection of payment system of the RT, establishes rules, forms, terms and standards for realization of cash and cashless settlements in the RT.

 The National Bank of Tajikistan shall define the procedure and storage period of  interbank settlements documents, keeping procedures of data related to operations effected by electronic payment system.

The NBT services correspondent accounts of credit organizations – members of payment system and carries out cash servicing of the state budget.

Interbank settlements within the RT are carried out on electronic payment system. The members of electronic payments system is the NBT, Head Offices of credit organization, microfinance organizations, Intergovernmental Bank in Moscow, CJSC “NBP Pakistan Subsidiary Bank in Tajikistan”, Branch of Foreign Commercial Bank “Tijorat” of the Islamic Republic of Iran in Dushanbe and Main Department of Central Treasure of the Ministry of Finance of RT.

The NBT provides settlement services on a paid basis. Cost of services depends on time of transmission of payment documents. Establishment of higher rates at the end of operational day promotes to accelerate money resources turnover and to align volume of document circulation within the operational day.

The table provides current rates for the settlement services of the NBT, approved by the Board of the National Bank of Tajikistan №191 from August 30, 2012:

Type of payment
The time execution of payment
Electronic payments
from 08 00 before 14 00
from 14 00 before 16 00
from 16 00 before 17 30
from 17 30 before and of settlements

* - in a case if within one month the credit organization carries out a small amount of payments and the sum of the account for settlement services within that month in accordance with the fixed rates makes less than 85 somoni, then the credit organization pays NBT charges in the amount of 85 somoni per month.

 Main payment document of interbank settlements in the territory of the RT is the Payment Order (forms of cashless settlements are determined by Instruction No. 193 “On cashless settlements in the Republic of Tajikistan”).

For protection of electronic payment documents files from falsification and securing of confidentiality of data contained in these files upon their transferring through the communication channels enciphering is used. With the purpose of authenticity confirmation and authorship of the electronic payment documents received through the communication channels, the electronic - digital signature is used. Application of the electronic - digital signature upon transferring of electronic documents is regulated by the Law of the RT «On the electronic document» and “On the electronic - digital signature”. 

Inflation rate %
Core inflation