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  • Macroeconomic Indicators for 2021
  • Monthly inflation for October
  • 8,7%
  • Monetary base, bln. somoni (October)
  • Medium-term inflation target
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    • Refinancing Rate
      (from October 25, 2021)13,25
    • Overnight loans rate - refinancing rate +2p.p.
    • Overnight deposits rate - refinancing rate -2p.p.
    • Reserve requirement ratio,
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    • Reserve requirement ratio,
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    • Average rate on NBT's
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  • Average weighted rate on time depos.in national curren (January- October)
  • Average weighted rate on loans in national curren (January-October)
  • Average weighted rate of interbank loans. in national curren (January-October)
  • Average weighted interest rate on mortgage (residential) loans. in national curren (October)
  • Average weighted interest rate on consumption loans. in national curren (October)

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Date: 03.12.2021

Bars weight,
Repurchase Price,
Selling Price,
5 3 320.68 3 399.98
10 6 554.39 6 710.92
20 12 962.68 13 272.26
50 32 168.51 32 936.75
100 64 172.25 65 704.80

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Overview of banking activity system of the Republic of Tajikistan for 2014


    The next press conference of the National Bank of Tajikistan has taken place in the Republican Press Centre on January, 20th of current year for domestic and foreign journalists in which course results of activity of the National Bank of Tajikistan and banking system of the country for 2014, realisation monetary policy, inflation rate, savings, issued loans, developments of banking system, balance of payments, volume of deposits, rate of national currency and other important questions of branch were discussed.
    As Mr. Abdujabbor Shirinov - the Chairman of the National Bank of Tajikistan has noted in his speech, despite the difficult political situation in the today's world, instability of economic system of the trading partner countries, price variance for the basic exported goods and raw materials in the world markets and increase in rate pressure, positive tendency of development of national economy and realisation of a monetary and credit policy have been kept in 2014and bank activity of the country has been directed on performance of economic and financial indicators of the country.

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1. Macroeconomic indicators

    Gross Domestic Product (GDP). The GDP volume in the reporting period has reached TJS 45,6 billion, and its real growth in comparison with previous year has made 6,7 %.
    Inflation. According to the State Statistical Agency under the President of the Republic of Tajikistan, in 2014 the inflation rate has made 7,4 %, that in comparison with previous year is more on 3,7 percentage points. The given growth has occurred basically at the expense of price rise for food products of for 9,7 %, paid services for 2,9 % and non-food stuff on 6,5 %. (For the information: according to the World bank data in the end of accounting year in the world markets wheat price in comparison with the beginning of year has decreased on 7,5 % and oil on 43,7 %).
    A. Shirinov has noticed, that according to analysis of the National Bank of Tajikistan the level of base inflation (not included the influence of external, seasonal and administrative factors) has made 2,9 % in accounting year, that in comparison with previous year is more on 1,6 percentage points.
    The rate of national currency. The monetary policy of the National Bank of Tajikistan in 2014 with the account of preservation of a stable price level has been directed on maintenance of continuous activity of the internal currency market and stability of a financial system of the country.
    He has stressed out, that for this period the growth of external rate pressure was observed in republic which primarily has been connected with external economical factors, especially with the stringent geopolitical situation in the region and instability of economic growth in the main trading partner countries. In turn the mentioned factors became the reason of unbalanced movement of the foreign capital and exchange rate fluctuations in economics of developing countries.
     As to prevent exchange rate fluctuations daily participation of the National Bank of Tajikistan in the interbank currency market by means of common system of the electronic auctions has been provided, and operations on sale and purchase of currency with the credit organisations, promoting elimination of its shortages and providing currency liquidity of the credit organisations have been carried out. Also, when applicable direct sale of currency through currency exchange points has been organised.
     In spite of taken measures, the steady tendency of decrease TJS rate had places in 2014 and the official TJS rate against USD has changed from TJS 4,7741 in the beginning of year to TJS 5,3079 on the end of year or on 11,2 %. (For comparison: in 2013 the given change has made 0,2 %).
The market rate of purchase and sale of cash foreign currency in 2014 has changed to USD 1 from TJS 4,9300 to TJS 5,4600 or on 10,7 %.
    Balance of payments. Foreign trade turnover for the reporting period has made USD 5,3 billion and has increased to 6,6 % by the corresponding period of the last year. The volume of foreign turnover with CIS countries has increased on 15,8%, but with the far abroad countries has decreased on0,1%.
    The volume of export of goods has made USD 977,4 million, and import of the goods has made USD 4,3 billion, that in comparison with 2013 is more on 3,6 % and 7,3 % accordingly.
    The trade balance for this period has developed negative and its deficiency has made USD 3,4 billion, that in comparison with the similar period of last year is more on 13,6 %.


2. Monetary policy

    In 2014 with the view of economic and financial situation, the National Bank of Tajikistan implemented the balanced monetary policy for moderate growth of money supply, stabilisation of national currency rate, maintenance of high-grade banking system activity of the country and holding of a low rate of inflation which is a major factor of growth of economy and increase of population welfare of the country.
    The chairman of National bank of Tajikistan has told, that with the account of macroeconomic indicators status the refinancing rate in the first quarter 2014 has been reduced from 5,5 % to 4,8 % annual. At the same time, in connection with increase of inflationary pressure the refinancing rate has been increased in May to 5,9 %, in October to 6,9 %, and in December, 2014 to 8,0 % annual.
    For the purpose of maintenance of liquidity of banking system, supporting of real sector of economy by increase of credit investments and decrease of economy dollarization level, legal reserve requirement for deposits in national currency has been reduced on 3 percentage points and for deposits in foreign currency reduced by 1 percentage point, and have been established at level of 2,0 % and 8,0 % annual accordingly. The interest rate on credits, given by the National Bank of Tajikistan for provision of liquidity of the credit organisations, has been increased in connection with decrease in average percent of interbank credits from 17,3 % annual in the beginning of year to 18,7 % annual in the end of a year. For preservation of stability of bank system of the country and maintenance of liquidity of the credit organisations, short-term credits for the amount of TJS 366,0 million, USD 12,0 million and Russian rubles 140,0 million have been given out by domestic banks in accounting year. The volume of reserve money as the basic monetary indicator as of December 30, 2014 according to live data has made TJS 6 031,0 million, that in comparison with similar date of previous year is more on 12,5 %.

3. Development of banking system

    The number of the credit organisations as of the end of accounting year has made 138 units, including: 17 banks, 120 microfinancial organisations, 1 non-bank credit organisation and 344 bank branches. For this period, number of banks in comparison with previous year has increased by 1 unit, and quantity of their branches on 17 units.
    During press conference it has been noticed, that 1539 points of a currency exchange of the credit organisations and physical persons have been registered in republic in the last year, that in comparison with the beginning of year is more on 115 units. Including, 645 units in Dushanbe, 424 in Sogd Region, 204 units in Khatlon Region, 40 units in GBAR and 226 units in RRS.
    Deposits. According to live data, the total balance of deposits in the credit organisations in 2014 in comparison with previous year has increased by 19,2 %, having made TJS 6,7 billion.
    At the same time, it has been underlined, that deposits share in national and foreign currencies in deposits total balance structure has made 34,3 and 65,7 % accordingly. Including, the volume of deposits balance in comparison with the similar period of previous year in national currency has increased by 33,9 % and in a foreign currency by 12,8 %.     
    The volume of deposits physical and legal entities in comparison with previous year has increased by 14,6 % and 27,9% accordingly. Their share in the total balance of deposits has made 63,0 and 37,0 % accordingly.
    Credits. The total balance of credits at the end of 2014 according to current data has made TJS 10,2 billion, that in comparison with previous year is more on 35,7 %.
    According to operational data the total amount of the given out credits for this period has made TJS 12,0 billion, that in comparison with previous year is more on 35,8 %. The volume of the redeemed credits in accounting year has reached TJS 9,8 billion, the factor of their reflexivity has made 81,3 % of the credits given out for this period, that in comparison with previous year is more on 5,2 percentage points.
    The average weighted interest rate on credits given out from the credit organisations for this period had multidirectional alteration, having made in national currency of 24,34% and in a foreign currency of 22,54 %, that in comparison with previous year is more on 0,4 percentage points and less on 0,9 percentage points accordingly.
    According to operation data, the volume of the given out microcredits has made TJS 6,1 billion, that in comparison with previous year it is more on 29,7 %. In particular, in the remote mountain areas of the country it has been given out microcredits for the amount of TJS 1 144,2 million, that in comparison with previous year is more on 27,3 %.
    Payment system. The total number of payment cards let out from domestic banks in accounting year has made 1 107,1 thousand units, that in comparison with previous year is more on 45,4 %. The number of payment card holders has made 1 070,7 thousand persons, having increased on 43,6 %.
     The Chairman of the National Bank of Tajikistan stressed out that according to operational data for this period continuous activity of payment system «KORTI MILLI» has been provided and the total of participants of the given system has reached 16 units (in the beginning of year made 3 units). By the credit organisations - participants of national payment system «KORTI MILLI» 657 599 units of national cards have been let out, that in comparison with previous year is more on 106 %.
    At the same time, according to operational data in 2014 the quantity of ATMs and electronic terminals has made 704 units and 1 576 units accordingly and in comparison with previous year the quantity of ATMs has increased on 156 units and electronic terminals by 494 units.


    In a final part of press conference which, according to journalists has passed also in interesting conditions, foreign and local journalists have learnt the latest news and have received concrete answers to the questions concerning banking system, volumes of gold and exchange currency reserves of the country, attraction of domestic and foreign investments into economy of republic, price rises on world and home markets, inflation rate, mortgage crediting, support of real sector of economy, problems and procedures of withdrawal from a turn of shabby money, use of plastic cards, volume of money supply in circulation and promotion of population deposits security.


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