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  • Macroeconomic Indicators for 2022
  • Monthly inflation for June
  • 8,3%
  • Monetary base, bln. somoni (June)
  • Medium-term inflation target
    6% (±2)
  • Monetary policy rates (% per annum)
    • Refinancing Rate
      (from October 25, 2021)13,25
    • Overnight loans rate - refinancing rate +3p.p.
    • Overnight deposits rate - refinancing rate -3p.p.
    • Reserve requirement ratio,
      national currency3,0
    • Reserve requirement ratio,
      foreign currency9,0
    • Average rate on NBT's
      securities (June)12,41
  • Interest Rate in 2022 (% annual)
  • Average weighted rate on time depos.in national curren (January-June)
  • Average weighted rate on loans in national curren (January-June)
  • Average weighted rate of interbank loans. in national curren (January-June)
  • Average weighted interest rate on mortgage (residential) loans. in national curren (June)
  • Average weighted interest rate on consumption loans. in national curren (June)

  • Daily price of Dimensional Gold Bars of the NBT

Date: 21.07.2022

Bars weight,
Repurchase Price,
Selling Price,
5 2934.70 2993.99
10 5782.27 5899.08
20 11418.18 11648.85
50 28306.82 28878.68
100 56448.58 57588.95

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Brief macroeconomic review and activities of banking system of the Republic of Tajikistan for 2020


The press conference on results of the banking system activity for 2020 was held at the National Bank of Tajikistan on February 10, 2021 in accordance with the Plan of arrangement and holding press conferences in ministries, agencies, organizations and institutions, executive bodies of the government in MBAR, regions, Dushanbe, cities and republican subordination districts by the instruction of President of the Republic of Tajikistan dated from September 15, 2011, No. AP - 1729.


The Chairman of National Bank of Tajikistan Kholiqzoda Hokim has informed the representatives of local and foreign media about the results of banking and insurance system, implementation of the country's monetary policy for 2020. The First Deputy Chairman of National Bank of Tajikistan Jamoliddin Nuraliev, Deputy Chairmen of NBT Tolibzoda Firdavs, Nakhatzoda Mohbonu, Yoqubzoda Mirhayot and heads of key structural subdivisions of NBT have also participated in the press conference.

At the beginning of press conference, the Chairman of National Bank of Tajikistan Kholiqzoda Hokim has noted that consequences of coronavirus pandemic, which covered all countries of the world last year, had a negative impact on the economy of the Republic of Tajikistan including the activity of banking system.    Despite this, the National Bank of Tajikistan, with a direct support of the Founder of Peace and National Unity - Leader of Nation, President of the Republic of Tajikistan, honorable Emomali Rahmon has continued to implement monetary policy in order to promote the growth of macroeconomic indicators and has ensured the preservation of financial stability of the banking system.

In 2020, the National Bank of Tajikistan has directed its monetary policy to maintain a stable price level, taking into account the inflation targeting regime, regulate money supply in the economy as well as ensure financial stability and promote stable economic growth.


In 2020, it was observed a stable economic growth and the country's Gross Domestic Product (GDP) reached TJS 82.5 billion, its real growth to 4.5%. The GDP growth was caused by increase of production of industrial products on 9.7% and agricultural products on 8.8% has said the Chairman of NBT. The inflation rate in 2020 has made 9.4% having increased by 1.4 percentage points over the same period in 2019. This increase was mainly caused by a rise in prices for foodstuffs of 13.0%, non-food products of 5.8% and cost of paid services to the population of 4.0%. In the structure of foodstuffs for this period it was observed a change in prices for such imported and seasonal consumer goods as the first grade flour on 16.4%, granulated sugar on 40.8%, cottonseed oil on 50.7%, sunflower oil on 42.6%, beef on 6.2%, eggs on 18.9%, potatoes on 19.8% and carrots on 12.8%. The rise in prices for consumer goods occurred as a result of the impact of external factors in connection with the spread of the coronavirus (COVID-19) pandemic and related applied restrictions on delivery of goods across the borders of countries-trading partners.

The monetary policy of the National Bank of Tajikistan for the reporting year was directed on reducing inflation and exchange rate pressures, efficiently managing the level of banks' liquidity and maintaining the stability of money supply. In order to effectively implement the monetary policy and develop primary securities market for this period, it was issued securities in the amount of TJS 14.3 billion and through overnight deposit operations it was attracted TJS 1.2 billion of deposits of credit institutions daily. In order to reduce the vulnerability of the economy to crises, maintain financial stability and promote the development of a real sector of the country's economy, for the reporting year, the refinancing rate, as main monetary instrument, was gradually reduced by 2.0% and set at 10.75% per annum.


The Chairman of NBT Kholiqzoda H.H. also has noted that in order to take timely measures and maintain the liquidity of banking system against the negative impact of the coronavirus pandemic (COVID-19), the required reserves ratio of credit financial institutions on deposits and similar liabilities from April 1, 2020 temporarily till December 31, 2020, was reduced in national currency by 2.0 % and in foreign currency by 4.0 % and was set at 1.0% and 5.0% respectively. This measure, which was aimed at implementing anti-inflationary measures made possible to improve the financial capabilities of credit financial institutions in the specified period and ensure access of credit institutions to additional sources of liquidity for the amount of TJS 241.7 million. In the reporting period, the official exchange rate of somoni decreased by 16.6% and after a one-time adjustment was set at TJS 11.30 per USD 1 and the difference between the official exchange rate and exchange rate of the USD on the unofficial market has made 0.8%. The change of exchange rate in the reporting period was mainly caused by the instability of the world economy due to the impact of pandemic, depreciation of national currency of countries - main trading partners, decrease in the flow of remittances and foreign investments to the republic, introduction of restrictions on delivery of goods, a rise in prices for imported goods and also continuation of the country's trade deficit.

The NBT’s Chairman Kholiqzoda Hokim has emphasized that for the reporting year, credit institutions have done certain work to improve financial intermediation, to ensure growth and improve the quality of banking services, to reduce the volume of NPL, attract deposits and foreign investments, to increase financing of the economy, support small and medium-sized businesses.

It was noted that as of December 31, 2020, 69 credit financial institutions operate in the republic including 18 banks, 1 Islamic bank, 18 microcredit deposit organizations, 5 microcredit organizations and 27 microcredit funds. The number of branches taking into account the Islamic banking window and centers of banking services of credit financial institutions in the reporting year, amounted to 1,935 units, in comparison with the same period of 2019 their number increased by 10 units, which will promote the expansion of volume of banking operations, ensuring the population's access to credit resources, providing high-quality and modern financial services for development of the republic's economy.


The total assets of credit financial institutions as of December 31, 2020 amounted to TJS 26.3 billion, having increased by 19.7% against the same date of 2019. The total liabilities and balance sheet capital of credit financial institutions reached TJS 19.1 billion and TJS 7.2 billion, an increase compared to the same date of 2019 was 21.5% and 15.2%, respectively. The current liquidity ratio of credit financial institutions as of December 31, 2020 amounted to 71%, having increased by 41 percentage points in comparison with the established standard, which testifies to improvement in liquidity of the banking system.

As of December 31, 2020, total amount of deposit balances amounted to TJS 11.4 billion, which is more for TJS 1.7 billion or 17.2% than the same period of 2019. The weighted average interest rate on time deposits in the banking system in national currency has made 9.9% and in foreign currency - 5.1%, which is more for 0.7 and 1,1 percentage points than in the previous year.

The number of attracted deposits amounted to 5.9 million units, which is more for 7.0% compared to the same period of 2019. This indicator testifies to the increased confidence of population in credit institutions, and, on the other hand, shows the improvement of welfare of the population.

The total volume of loans issued to credit institutions in 2020 amounted to TJS 10.0 billion, which is more for 4.7% or TJS 446.1 million than in 2019. The total balance of loan portfolio for this period reached TJS 11.0 billion, having increased by 12.0% or TJS 1.2 billion compared to 2019.


From the total volume of loans issued in 2020, 41.0% or TJS 4.1 billion falls on industrial entrepreneurship. The interest rate on loans issued to the industrial entrepreneurship in national currency has made 17.7% and in foreign currency - 13.3%, which is less for 1.2 and 3.4 percentage points than in 2019 respectively.

At the same time, from the total amount of loans issued during this period, 29.7% falls on consumption, 15.8% on foreign trade, 15.3% on agriculture, 12.3% on services, 11.6% on industry, 10.5% on construction, 1.0% on catering, 0.7% on transport, 0.2% on financial intermediation and 2.9% on other areas.

Despite the existing difficulties, credit institutions summarized their activities in 2020 with profit, which increased by 24% or by TJS 73 million compared to last year, which in total amounts to TJS 375 million.

The amount of foreign capital attracted by credit institutions in 2020 has made USD 66 million.

The amount of taxes paid by credit institutions and NBT to the state budget has made TJS 610 million, which is more for TJS 16 million than last year.


As of December 31, 2020, the number of ATMs and point-of-sale terminals in the republic amounted to 1,281 and 5,710 units respectively, and compared to the same date of 2019, the number of ATMs increased by 403 units and the number of point-of-sale terminals by 362 units.

The total number of payment cards issued by domestic banks as of the reporting date amounted to 3.25 million units, which is more for 30.8% than in 2019. The total number of electronic wallets of credit financial institutions for the reporting period amounted to 1.7 million units, having increased by almost 1.4 million units (4.9 times) over the same period of 2019. For the reporting period, 10.7 million transactions of non-cash payments in the amount of TJS 543.1 million were carried out through electronic wallets, and compared to 2019, the number of payments increased by 8.8 million units (5.7 times), and the volume of payments by TJS 440.8 million (5.3 times).

In general, in trade and service enterprises through electronic means of payment, 48.8 million units of non-cash transactions for the amount of TJS 1.9 million were effected, and compared to 2019, the number of non-cash transactions increased by 40.2%, volume of transactions carried out has increased in 2.2 times.

In order to protect the rights of consumers of banking services, the National Bank of Tajikistan has received applications from citizens in writing form and orally, via phones and e-mails, concerning which the necessary measures were taken in accordance with the established procedure and within the framework of existing authorities.

As of December 31, 2020, there are 18 insurance institutions operate in the insurance market of the Republic of Tajikistan, 2 of which are state insurance organizations, 15 are non-state insurance organizations and 1 Mutual Insurance Support Center. As of the reporting date, the assets of insurance institutions amounted to TJS 412.4 million and liabilities of insurance institutions, depending on types of insurance, have made TJS 50.4 billion. The incoming insurance premiums (insurance subscriptions) increased by 0.7%, amounting to TJS 235.8 million, in which structure voluntary insurance tends to increase. The amount of insurance payments and compensations in 2020 reached to TJS 19.0 million, having increased by 24.6% compared to the last year.


In general, insurance institutions completed their financial activities in 2020 with profit of TJS 75.9 million, which is more for 39.2% than in 2019.

Then, during the press conference, representatives of local and foreign media received comprehensive answers for their questions regarding the NBT measures implemented to prevent the impact of the COVID-19 pandemic on the country's banking system as well as the inflation rate, refinancing rate, volume of international reserves, attracting foreign capital, money transfers, lending to the economy, support for domestic entrepreneurship, money supply in circulation and etc.

In the final part of the press conference, the Chairman of NBT Kholiqzoda Hokim has expressed his gratitude to the media representatives for close and constant cooperation, in order to reflect objectively the activity of banking and insurance system as well as the implementation of monetary policy.

Press Division of NBT

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