The press conference was held at the National Bank of Tajikistan with the participation of the Chairman of the Bank Firdavs Tolibzoda, First Deputy Chairman Firuz Sharifzoda, Deputy Chairmen Gulbahor Naziri and Daler Murodalizoda, Deputy Head of Financial Department, Office of President of the Republic of Tajikistan Nuralii Sobirzoda as well as representatives of the mass media of the country on August 1, 2025, in accordance with the Decree of President of the Republic of Tajikistan and the plan of the Office of President of the Republic of Tajikistan for organizing and holding press conferences in ministries and departments based on the results of the first half of 2025.
The Chairman of the National Bank of Tajikistan Firdavs Tolibzoda has noted in his speech that in the first half of 2025, the NBT's activities were carried out in accordance with industry legislation and the goals stated in the Message of the Founder of Peace and National Unity - Leader of the Nation, President of the Republic of Tajikistan, Emomali Rahmon "On the Main Directions of Domestic and Foreign Policy of the Republic" as well as on the basis of "Main Directions of the Monetary Policy of the Republic of Tajikistan for 2025 and the Medium Term".
In the first half of 2025, the inflation rate has made 1.8%, which is 0.1 percentage points lower compared to the same period of last year. The annual inflation in June of this year was below the target level (5% ± 2 percentage points) and amounted to 3.6%, having increased by 0.1 percentage points compared to the same period of last year.
For the reporting period, the National Bank of Tajikistan held 61 auctions to sell securities worth TJS 12.4 billion in order to regulate the volume of money supply in circulation, manage the liquidity of credit institutions and reduce inflationary pressure. In addition, through overnight deposit operations, free funds of credit institutions were attracted on average every day in the amount of TJS 1.3 billion.
The refinancing rate as a key instrument of monetary policy, in connection with the stable trend of domestic and world prices, taking into account the positive forecast of macroeconomic indicators, reducing the impact of potential risks on the economy and maintaining a low level of inflation, was reduced to 0.75 percentage points and set at 8.25% per annum.
It was noted that the official exchange rate of the somoni against the US dollar in the first half of the year strengthened by 9.4%, while for the same period in 2024, the strengthening was 2.7%. Against the backdrop of an unstable global economy, the exchange rates of Tajikistan's main trading partners also changed: the Russian ruble strengthened by 22.8%, the Belarusian ruble by 14.6%, the Kazakhstan tenge by 0.6%, the Uzbek som by 2.1%, the Chinese yuan by 0.4%, while the Turkish lira fell by 12.6%, the Kyrgyz som by 0.5%.
As of June 30, 2025, there are 65 credit financial institutions operating in Tajikistan: 15 traditional banks, 1 Islamic bank, 1 non-bank credit institution, 23 microcredit deposit organizations, 3 microcredit institutions and 22 microlending funds. The total number of their branches was 1,942, which is 43 more than the same date in 2024.
Assets and liabilities of credit financial institutions for the end of June 2025 amounted to TJS 52.2 billion and TJS 42.1 billion respectively, having increased by 26.8% (or TJS 11.0 billion) and 27.0% (or 8.9 billion) compared to the same period in 2024. The equity capital amounted to TJS 10.1 billion, having increased by 25.7% (or TJS 2.1 billion) compared to 2024.
As of June 30, 2025, the total volume of deposits amounted to TJS 29.3 billion, which is 39.0% more than a year ago. Deposits in national currency make 59.4% of them and deposits in foreign currency 40.6%. The share of legal entities has made 43.5% (TJS 12.7 billion), and individuals 56.5% (TJS 16.6 billion). The volume of loans issued amounted to TJS 13.7 billion, which is TJS 3.1 billion (or 28.9%) more than in the same period of 2024. 49.8% of them falls on the consumption sector, 15.1% on foreign trade, 12.6% on agriculture, 9.3% on industry, 6.4% on the service sector, 3.6% on construction, 3.2% on other areas. It was emphasized that from the total volume of loans issued, 27.7% were directed to manufacturing entrepreneurship (TJS 3.8 billion). The volume of microloans issued amounted to TJS 10.2 billion, which is 29.0% more than in the same period of last year. The average weighted interest rate on loans has made 22.4% in national currency and 11.8% in foreign currency.
The capital adequacy ratio of banks amounted to 23.8% with the standard of 12%, which exceeds the established requirement by 11.8 percentage points. By June 30, 2025, the total number of bank cards reached 9.1 million units, having increased by 20.5% (TJS 1.6 million) compared to the same date of last year. The number of electronic wallets reached 15.7 million, which is 50.8% (5.3 million) more compared to the same period in 2024. For non-cash payments, 12,369 POS terminals were installed at trade and service points (having increased by 7.2%), of which 5,659 are used to pay for government services (an increase of 6.9%). Also, 25,388 QR codes were installed (an increase of 54.1%), of which 3,922 are for paid government services (an increase of 44.4%). There are also 7.6 thousand ATMs and self-service terminals installed. In January-June 2025, 56.3 million non-cash transactions worth TJS 19.4 billion were carried out using electronic payment methods (bank payment cards, electronic wallets), which is 34.9% more in the number of transactions and 51.0% more in volume compared to the same period in 2024. The ratio of cash and non-cash payments has made 71.8% to 28.2%, the share of non-cash payments increased by 3.2 percentage points.
During the reporting period, the NBT received 907 requests from citizens and organizations, of which 488 were via the helpline, 215 were received in person, 187 were in writing, and 17 were sent by e-mail. All requests were reviewed in accordance with the established procedure. It was also noted that the NBT has fruitful cooperation with international financial institutions such as the IMF, the World Bank, the EBRD, the ADB, the Eurasian Development Bank, with international funds, central banks and financial institutions of other countries. For the reporting period, the IMF Executive Board, as part of the Article IV consultations and the second review of the implementation of the Policy Coordination Program, has given a positive assessment of Tajikistan's economic indicators. As a result of the measures taken, USD 3.0 billion in foreign investment was attracted to the country's banking system in the first half of 2025, which is 79.0% more than in the same period in 2024.
The International Rating Agency Standard & Poor's has confirmed Tajikistan's sovereign credit rating at "B" with a stable outlook, and Moody's - at "B3" with a positive outlook. The publication of ratings helps to attract investment, improve the country's international image, enter stock markets and create a favorable investment climate.
Then, media representatives have received comprehensive answers for the following questions: National Strategy for Financial Inclusion of the Republic of Tajikistan for 2022-2026, international reserves and their structure, inflation rate, exchange rates, de-dollarization of the economy, measures to expand non-cash payments, types of payment services, issuance of loans for women's entrepreneurship, money transfers, interest rates on loans in credit financial institutions and other pressing issues of the banking system.
In conclusion, NBT Chairman Firdavs Tolibzoda has expressed gratitude to the media representatives for fruitful cooperation and fair coverage of the banking sector, and also expressed willingness to further expand effective interaction.
Press Division
Views: 10721
01.08.2025
