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  • Macroeconomic Indicators for 2021
  • Monthly inflation for January
  • 9,5%
  • Monetary base, bln. somoni (January)
  • Medium-term inflation target
    6% (±2)
  • Monetary policy rates (% per annum)
    • Refinancing Rate
      (from February 05, 2021)11,00
    • Overnight loans rate - refinancing rate +2p.p.
    • Overnight deposits rate - refinancing rate -2p.p.
    • Reserve requirement ratio,
      national currency3,0
    • Reserve requirement ratio,
      foreign currency9,0
    • Average rate on NBT's
      securities (January)10,34
  • Interest Rate in 2021 (% 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. in national curren (January)
  • Average weighted interest rate on mortgage (residential) loans. in national curren (January)
  • Average weighted interest rate on consumption loans. in national curren (January)

  • Daily price of Dimensional Gold Bars of the NBT

Date: 26.02.2021

Bars weight,
Repurchase Price,
Selling Price,
5 3352.87 3432.94
10 6618.76 6776.83
20 13091.43 13404.08
50 32490.38 33266.31
100 64816.00 66363.92

  • Information regording Bars can be obtained via tel:
    44-600-32-77, 44-600-32-48

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    22 23 24 25 26 27 28
    29 30 31 1 2 3 4
  • Яндекс.Метрика

Action Plan of National Bank of Tajikistan to prevent the impact of the COVID-19 pandemic on Tajik economy


The spread of the coronavirus pandemic (COVID-19) has had a negative impact on the global economy. It can have a negative impact on Tajik economy due to increasing influence of external factors.

In order to implement the Action Plan of Government of the Republic of Tajikistan to prevent and minimize the impact of possible risks of COVID-19 coronavirus on the national economy and to ensure preventive measures against possible impact of the pandemic, the National Bank of Tajikistan has developed an Action Plan to prevent the possible impact of the COVID-19 pandemic on the national economy, banking system and insurance sector of the country and created a headquarter to strengthen anti-epidemiological measures on prevention of transmission and emergence of new coronavirus.

The National Bank of Tajikistan takes the necessary measures to strengthen works in the money and foreign exchange markets, efficient use of monetary instruments and maintain a stable level of inflation in order to implement the Action Plan of Government of the Republic of Tajikistan to prevent and minimize the impact of possible risks of the coronavirus COVID-19 on the national economy. In particular, since May 1, 2020, the National Bank of Tajikistan has reduced the refinancing rate by 1 percentage point and set it at 11.75 % per annum to maintain the country's economy and implement monetary stimulus policy.

The required reserves as one of the main tools for implementing the NBT monetary policy provide a mechanism for regulating the overall liquidity of the banking system to control monetary aggregates (maintaining a certain level of money supply in circulation). On this basis, in order to take timely measures and maintain the liquidity of credit financial institutions in connection with the increased impact of potential risks associated with the COVID-19 pandemic, the ratio of required reserves of credit financial institutions on deposits and other similar obligations in national currency since April 1, 2020 has been reduced from 3% to 1% (2 percentage points) and in foreign currency from 9% to 5% (4 percentage points). This measure can improve the financial capabilities of credit financial institutions during the crisis by providing additional liquidity to the banking system in the amount of TJS 241.7 million.

Recent events that is spread of the coronavirus COVID-19 in the world and changes in oil prices began to negatively affect various sectors of the world economy. The introduction of quarantine measures in the countries - main strategic partners, the closure of borders and continuation of restrictive measures can increase the level of influence of potential risks on various sectors of the economy, including the country's banking system, reducing its effectiveness.

Given the importance of this issue, the National Bank of Tajikistan in order to protect the rights of consumers of financial services as well as to prevent the growth of the share of NPL loans and preserve liquidity, by its letter No. 05.1-630 / 1591 of 15.04. 2020 obligated credit financial institutions to develop an appropriate action plan and to strictly monitor the progress of its implementation.

Along with this, credit financial institutions were given relevant recommendations to increase lending to industrial entrepreneurship including import-substituting production, in order to prevent banking risks.
In order to support banking system and consumers of financial services, the National Bank of Tajikistan exempted credit financial institutions from paying a fee for interbank settlements carried out through the systems of the National Bank of Tajikistan, including through the Interbank Automated System (RTGS) and the Interbank Automated System (ABS) until September 01, 2020 and recommended that credit financial institutions review interbank fees for their clients.

In order to protect the interests of consumers of financial services, credit financial institutions may temporarily stop the work of their troubled and unprofitable banking service centers by August 1, 2020.
At the same time, it should be noted that according to Action Plan proposed by credit institutions, now, depending on the available opportunities and financial situation of customers, they can extend and restructure some of their customers' loans, as well as provide grace periods for some borrowers who have financial problems.

Also, credit financial institutions were obliged to take appropriate measures on protection of health of consumers of financial services and prevent the spread of the coronavirus COVID-19, providing their offices with sanitary and hygienic materials.

It should be noted that even before the COVID-19 pandemic in the Central Asian countries, the National Bank of Tajikistan submitted to the Government of the Republic of Tajikistan, relevant ministries and departments its proposals on measures to prevent the impact of potential risks on the economy of the republic and the banking system.

Currently, the National Bank of Tajikistan carries our mutually beneficial cooperation with international financial institutions such as the International Monetary Fund, World Bank Group, European Bank for Reconstruction and Development, Asian Development Bank, Islamic Development Bank, Eurasian Development Bank, Interstate Bank, Alliance for Financial Inclusion, international funds, central (national) banks and banking authorities of the countries of near and far abroad.

The National Bank of Tajikistan will continue to implement a monetary policy aimed at achieving a stable price level in the medium term and ensuring liquidity of the banking system.

Press Division

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