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  • Macroeconomic Indicators for 2023
  • Monthly inflation for Febtuary
  • 4,5%
  • Monetary base, bln. somoni (Febtuary)
  • Medium-term inflation target
    6% (±2)
  • Monetary policy rates (% per annum)
    • Refinancing Rate
      (from February 06, 2023)11,0
    • 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 (February)8,55%
  • Interest Rate in 2023
  • Average weighted rate on time depos.in national curren (January-Febtuary)
    12,38 %
  • Average weighted rate on loans in national curren (January-February)
    22,71 %
  • Average weighted rate of interbank loans. in national curren (January-February)
    15,97 %
  • Average weighted interest rate on mortgage (residential) loans. in national curren (February)
    20,50 %
  • Average weighted interest rate on consumption loans. in national curren (February)
    20,93 %

  • Daily price of Dimensional Gold Bars of the NBT

Date: 18.03.2023

Bars weight,
Repurchase Price,
Selling Price,
5 3488.35 3558.82
10 6889.57 7028.75
20 13632.77 13908.18
50 33843.30 34527.00
100 67521.54 68885.61

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

  • Calendar of news
  •       March      

    M T W T F S S
    27 28 1 2 3 4 5
    6 7 8 9 10 11 12
    13 14 15 16 17 18 19
    20 21 22 23 24 25 26
    27 28 29 30 31 1 2
  • Яндекс.Метрика

Brief Macroeconomic Review on Results of Banking System of the Republic of Tajikistan for 2021


On February 2, 2022, in accordance with the Plan of arranging and holding press conferences in ministries, departments, agencies, institutions and establishments, government executive bodies in GBAO, regions, Dushanbe city and towns and republican subordination approved by the Head of Executive Office of President of the Republic of Tajikistan, in accordance with the Order of President of the Republic Tajikistan dated from September 15, 2011, No. AP-1729, a press conference was held at the National Bank of Tajikistan on results of activities of National Bank of Tajikistan and banking system of the country in 2021.


The press conference was held under the leadership of Chairman of the National Bank of Tajikistan Kholiqzoda Hokim Hikmatullo with participation of First Deputy Chairman of National Bank of Tajikistan Nuraliev Jamoliddin Kamolovich, Deputy Chairmen of National Bank of Tajikistan Tolibzoda Firdavs, Nakhatzoda Mohbonu and heads of key structural subdivisions of National Bank of Tajikistan. Opening the press conference, Chairman of National Bank of Tajikistan Kholiqzoda Hokim Hikmatullo has noted the following:

In 2021, the National Bank of Tajikistan implemented the monetary policy directed on promoting economic growth, stability of banking system and maintaining a stable level of domestic prices.

In 2021, the nominal Gross Domestic Product (GDP) of the country has reached TJS 98.9 billion; its real growth has made 9.2%. The real GDP growth increased by 4.7 percentage points (p.p.) compared to last year. The GDP growth was ensured by industrial production of 22.0%, agricultural products of 6.6%, construction of 23.3%, retail trade turnover - 12.7%, paid services - 7.9%.


The inflation rate in 2021 was formed within the single-digit indicator of 8.0%, the target set by the National Bank of Tajikistan (6 ± 2), which was occurred due to a rise in prices for foodstuffs by 7.3%, non-foodstuffs by 7.5% and cost of paid services to population by 11.3%. It should be noted that this indicator decreased by 1.4 percentage points compared to 2020.

In order to maintain a stable price level and regulate money supply, the National Bank of Tajikistan implements a balanced monetary policy aimed at limiting the impact of monetary factors on macroeconomic indicators through using its instruments.

With the aim of regulating money supply in circulation, effectively managing the liquidity level of credit institutions and reducing exchange rate and inflationary pressures, the National Bank of Tajikistan held the securities auctions for the amount of TJS 7.9 billion in 2021 and through overnight deposit operations, daily attracted an average of TJS 900.0 million of deposits of credit financial institutions.


For preventing pressures and inflationary expectations caused by external factors, in 2021 the refinancing rate as the main monetary instrument for effecting monetary operations, taking into account the forecast of the impact of internal and external potential risks on the economy, was gradually increased to 2.5 percentage points and set at 13.25% per annum. The ratio of required reserves of credit financial institutions on deposits and similar liabilities in the national currency amounted to 3% and in foreign currency to 9% per annum. In order to ensure the liquidity of credit institutions, the National Bank of Tajikistan has provided these institutions with TJS 720.0 million of short-term loans in 2021, which is more for 17.7 times than last year.

As of December 31, 2921, the official exchange rate of TJS against the US dollar is estimated to be stable, the exchange rate of national currency, somoni, remained stable and no depreciation was observed at all.

There were 63 credit financial institutions operating in the republic as of December 31, 2021 including 13 traditional banks, 1 Islamic bank, 18 microcredit deposit institutions, 4 microcredit institutions and 27 microcredit funds.


The number of structural subdivisions of credit financial institutions in 2021 amounted to 1,852 units. The assets of credit financial institutions as of December 31, 2021 amounted to TJS 22.4 billion. The liabilities of credit financial institutions reached TJS 17.3 billion.

As of December 31, 2021, the capital adequacy ratio of credit financial institutions amounted to 23.4%, exceeding the established threshold (12%) by 11.4 percentage points. In total, the results of the financial activities of credit financial institutions for 2021 are assessed as positive, they completed their financial activities with a profit of TJS 108.4 million.

The current liquidity ratio of credit financial institutions as of December 31, 2021 reached 87.7%, exceeding the established threshold (30%) by 57.7%. As of December 31, 2021, the total balance of deposits amounted to TJS 10.2 billion. In structure of total balances of deposits, the share of deposits in national currency and foreign currency has made 55.5% and 44.5% respectively.


In structure of deposits, TJS 4.8 billion or 47.2% are deposits of legal entities and TJS 5.4 billion or 52.8% - deposits of individuals.

The amount of loans issued in 2021 amounted to TJS 13.7 billion, which is more for 37% more than last year. The number of loans issued also increased by 2.0 times for the reporting period and reached 2.3 million units.

During the period, 35.5% of total amount of issued loans fall on consumption, 15.4% on agriculture, 14.0% on foreign trade, 13.1% on services, 10.3% on industry, 3.9 % on construction, 0.7% on transport and 7.1% on other spheres.


64.5% or TJS 8.8 billion of total volume of loans issued during this period falls on entrepreneurs, which is more for TJS 1.8 billion somoni or 25.9% compared to last year.

37.0% from total volume of loans issued by financial institutions for the reporting year falls on industrial enterprises, having made TJS 5.1 billion that is more for TJS 1.0 billion or 23.3% compared to last year.

67.7% of total volume of loans issued falls on microcredits, the amount of which amounted to TJS 9.3 billion and increased by 48.2% compared to last year.

As of December 31, 2021, 37,6% of total number of employees in the country's banking system were women; in 2020, the number of women working in banking system has made 35.5%.

The National Bank of Tajikistan, jointly with credit financial institutions, takes the necessary measures to increase the share of non-cash payments, to expand the scope of payment infrastructure and increase banking remote services to serve the owners of internal and external bank payment cards as well as to ensure their continuous operation.


As of December 31, 2021, the number of issued bank payment cards amounted to 3.5 million units, which is 24.4% more than in 2020.

19 domestic credit financial institutions installed about 1,412 ATMs and 4,878 electronic terminals as of December 31, 2021 to serve payment card holders in the country. In addition, credit financial institutions began to actively install QR codes in trade and service enterprises, which, unlike electronic terminals require low costs and technical support providing more opportunities for cashless payments.

For December 31, 29021, 11,036 QR code units are used in trade and service enterprises of the country, which is more for 2.1 times compared to the same date in 2020.

Also, the total number of electronic wallets of credit financial institutions amounted to 3.5 million units. In 2021, 17.2 million non-cash payment transactions were effected through electronic wallets in the amount of TJS 1,020.8 million. The total number of electronic wallets of credit financial institutions have increased by TJS 1.8 million (2.1 times) compared to the same period in 2020.

In 2021, 29.3 million transactions of non-cash payments effected for the amount of TJS 3.7 billion and the number of payments and amount of payments increased by 31.7% and 91.3 % respectively.

In order to protect the rights of consumers of banking system services, the National Bank of Tajikistan has received applications from citizens in writing and orally, through telephones and the official website, and 2,100 applications in total were received in 2021 for consideration, including 82 through the Executive Office of President of the Republic Tajikistan and other government authorities of the Republic of Tajikistan, 238 in writing directly to the National Bank of Tajikistan, 1,207 through a hot line, 558 from citizens at reception and 15 through e-mail, for which the necessary measures were taken within the existing powers.

With the purpose of improving the investment climate and attracting foreign capital to the country, since 2014 the international rating agencies Standard & Poor's and Moody's have been assessing the sovereign credit rating of the Republic of Tajikistan. Despite the impact of the COVID-19 pandemic on the country's economy, as well as the impact of other external factors, the Republic of Tajikistan was able to maintain its stable rating. In 2021, the International Rating Agency "Moody's" has published the next report on the sovereign credit rating of the Republic of Tajikistan, where the country's rating was approved at the level of "B-/B" with a "stable outlook". Also on June 10, 2021, the Moody’s Agency upgraded the sovereign credit rating of the Republic of Tajikistan, assigning a “B3” rating with a stable outlook, while since 2018 this Rating Agency “Moody’s” had a negative outlook of “B3”for the country.

As of December 31, 2021, the total number of insurance institutions has made 19 units, 2 were state-owned insurance institutions.

In 2021, the assets of insurance institutions have amounted to TJS 527.3 million, which is more for 27.9% than last year. In total, the share of assets of insurance system in comparison with total assets of the country's financial system in the reporting year reached 2.2%.

In 2021, the liabilities of insurance institutions as a whole reached TJS 206.8 million, which is more for 6.1% than last year.

The equity capital of the insurance system in 2021 reached TJS 320.5 million, having increased by 47.4% compared to last year. This process, which is assessed as positive for the financial stability and liquidity of insurance institutions will directly contribute to the timely fulfillment of liabilities assumed by insurance institution.

The total number of insurance contracts signed for the reporting year amounted to 1,970.6 thousand units, which is 308.6 thousand units more than in 2020. The total amount of insurance premiums received in 2021 amounted to TJS 287.0 million, having increased by 21.7% compared to 2020.

The amount of insurance payments (compensations) in the reporting period tended to grow and reached TJS 91.8 million having increased for 4.8 times compared to 2020.

Then representatives of foreign and domestic media had the opportunity to get answers for their questions regarding the instructions and orders of the Founder of Peace and National Accord - Leader of the Nation, President of the Republic of Tajikistan, honorable Emomali Rahmon, stated in the next Message to Majlisi Oli of the Republic of Tajikistan on improvement of quality of service and introduction of new services, improving financial performance, increasing lending to various sectors of economy as well as the implementation of Law of the Republic of Tajikistan “On amnesty in connection with legalization of assets and funds of citizens of the Republic of Tajikistan”, issues related to transition from traditional monetary targeting regime to a qualitatively new monetary policy - inflation targeting and ensuring compliance with the regulatory framework, a "stable" assessment of the country's sovereign credit rating, attracting deposits, volume of international reserves, process of implementing Islamic banking, improving the financial education of population and other issues of interest to them.

In conclusion, the Chairman of National Bank of Tajikistan, Kholiqzoda Hokim has expressed gratitude to the media representatives for mutually beneficial cooperation in covering issues of banking and insurance systems, and readiness for further cooperation.

Press Division

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