On July 20, 2026, in accordance with the Order of the President of the Republic of Tajikistan and the press conference schedule of the Executive Office of the President for ministries and agencies to summarize the first half of 2026, a press conference was held at the National Bank of Tajikistan.
The event was attended by the Bank's Chairman, Firdavs Tolibzoda; First Deputy Chairman, Firuz Sharifzoda; Deputy Chairmen, Gulbahor Naziri, Daler Murodalizoda, and Ziyoratsho Ghulomzoda; as well as Deputy Head of the Finance Department of the Executive Office of the President, Nurali Sobirzoda; and media representatives.
The Chairman of the National Bank of Tajikistan, Firdavs Tolibzoda, stated in his speech that the National Bank of Tajikistan conducted its activities for the reporting period in accordance with the sectoral legislation and tasks arising from the Message of the Founder of Peace and National Unity - Leader of the Nation, President of the Republic of Tajikistan, the honorable Emomali Rahmon "On the Main Directions of the Domestic and Foreign Policy of the Republic of Tajikistan", as well as the "Main Directions of the Monetary Policy of the Republic of Tajikistan for 2026 and the Medium-Term Period".
In the first half of 2026, the inflation rate made 2.4 percent. Annual inflation in June of this year was at the lower limit of the target indicator (5 percent ± 2 pp), amounting to 4.1 percent, which is 0.5 percentage points higher than in the same period of the previous year.
For the reporting period, the National Bank of Tajikistan held 39 securities auctions worth TJS 82.5 billion in order to regulate the volume of money in circulation, manage the liquidity level of credit institutions, and reduce monetary inflationary pressures. During this period, free funds were attracted from credit institutions through overnight deposit operations, which amounted to an average of TJS 2.0 billion per day.
The refinancing rate, as a key lever of monetary policy, was reduced by 0.5 percentage points during this period and set at 7.0 percent per annum. This decision was driven by the continued stabilization of domestic and global commodity prices, a positive outlook for macroeconomic indicators, and a reduction in the impact of potential risks on the economy, as well as the inflation rate remaining below the established target.
It was noted that in the first half of this year, the official exchange rate of the US dollar against the somoni increased by 0.17 percent (from TJS 9.2513 on 31.12.2025 to TJS 9.2674 on 30.06.2026). Given the difficult situation in the world economy, the official exchange rates of the national currencies of most of the main trading partners of the Republic of Tajikistan changed during this period. In particular, the exchange rate of the Kazakh tenge appreciated by 3.33%, the Chinese yuan by 3.1%, and the Russian ruble by 0.60%, while the Turkish lira depreciated by 8.62%, the Belarusian ruble by 0.13%, the Uzbek som by 0.30%, and the Kyrgyz som by 0.04% against the US dollar.
As of June 30, 2026, a total of 69 financial credit institutions operated in the Republic of Tajikistan, including 18 conventional banks, 1 Islamic bank, 27 microcredit deposit institutions, 2 microcredit institutions and 21 microcredit funds. The number of structural units of financial credit institutions as of the reporting date amounted to 1,971 units, which is 29 units more as compared to the same date last year.
Assets and liabilities of financial credit institutions at the end of June 2026 amounted to TJS 63.6 billion and TJS 51.5 billion, respectively. These figures represent an increase of 21.8% (or TJS 11.4 billion) for assets and 22.4% (or TJS 9.4 billion) for liabilities compared to the same period in 2025.
The balance sheet capital of credit and financial institutions as of June 30, 2026, amounted to TJS 12.1 billion, having increased by TJS 2.0 billion, or 19.5%, compared to the same date in 2025.
As of June 30, 2026, the total balance of deposits amounted to TJS 36.9 billion, which is 25.7% higher than that of the same period last year. The total volume of deposits in national currency accounted for 60.9%, while foreign currency amounted to 39.1%. In the structure of the total balance of deposits, the share of legal entities was TJS 16.2 billion (or 44.0%), and the share of individuals was TJS 20.7 billion (or 56.0%).
In the reporting period, the volume of loans issued amounted to TJS 16.9 billion, which is 23.6% more than that in the same period last year. 41.5 percent of the total volume of loans issued during this period, fell to the consumer sector, 13.7 percent to trade and public catering, 12.4 percent to agriculture, 9.5 percent to mortgages and housing renovation, 7.0 percent to services, 6.8 percent to industry, 3.4 percent to construction, and 5.7 percent to other sectors.
At the same time, it should be noted that 25.2 percent of the total volume of loans issued during this period went to manufacturing entrepreneurship, amounting to TJS 4.3 billion. During this period, microloans were issued in the amount of TJS 12.8 billion, which is 25.3 percent more than in the same period last year. The weighted average interest rate on loans in January-June of this year in national currency was 23.83 percent, and the rate in foreign currency was 10.9 percent.
The capital adequacy ratio, as one of the main indicators of the financial stability of the banking system, stood at 24.3 percent as of June 30 of this year, which is 12.3 percentage points higher than the established requirement (12 percent).
It was reported that as of June 30, 2026, the total number of bank payment cards amounted to 12.4 million units, which is 35.4% more than the same date last year. Also, during the same period, the total number of electronic wallets amounted to 19.8 million units, which is 25.9% (4.1 million units) more than the same period in 2025. As of the reporting date, 10,561 electronic terminals were installed for non-cash payments in trade and service establishments, which is 9.7% (936 units) more than the same date last year. 5,913 units of the total number of terminals are used specifically for accepting non-cash payments for public services, which is 4.5% (254 units) more than the previous year.
33,620 unique QR codes have been installed in trade and service establishments of the republic, which is 32.4 percent (8,232 units) more than at the same time last year.
Out of the total number of QR codes, 7,454 are specifically designed for accepting payments for paid public services. This indicator has increased by 3,535 (90.1%) units compared to the previous year. In addition, 7,000 automated self-service terminals have been installed in the country to replenish card accounts, pay for goods and services, and provide other banking services
In January-June 2026, 152.0 million non-cash transactions worth TJS 38.3 billion were carried out using electronic payment instruments (bank payment cards and electronic wallets), which is 1.7 times more in quantity and 97.6% more in volume compared to the same period in 2025. During this period, the share of non-cash payments for goods and services using electronic payment instruments accounted for 41 percent, having increased by 13 percentage points compared to the same period last year.
Regarding the appeals of individuals and legal entities, it was noted that during the reporting period, approximately 890 appeals were received by the National Bank of Tajikistan. These included 388 via hotline, 253 in person (reception of citizens), 205 in writing, and 42 by e-mail, all of which were considered in a timely manner in accordance with the established procedure.
It was also noted that the National Bank of Tajikistan has established fruitful cooperation with international financial institutions including the International Monetary Fund, the World Bank, the EBRD, the Asian Development Bank, and the Eurasian Development Bank as well as with international funds and foreign central and commercial banks.
During the reporting period, the International Rating Company Standard & Poor's confirmed the long-term sovereign credit rating of the Republic of Tajikistan at the level of "B/B" and upgraded its outlook from "stable" to "positive". At the same time, the International Rating Agency Moody's for the first time raised the long-term sovereign credit rating of the Republic of Tajikistan from "B3" to "B2" and assessed its outlook as "stable".
The improvement in rating indicators and the change in their outlook reflect the recognition of the progress made by the Republic of Tajikistan in ensuring macroeconomic stability, maintaining financial discipline, strengthening the foundations of the national economy, fostering sustainable economic growth, improving the financial and budgetary situation, and maintaining positive economic indicators. The publication of rating reports contributes to improving the position of the Republic of Tajikistan in the international arena, attracting foreign investment (including into the country's banking system), creating a favorable investment climate, and expanding access to international capital markets.
In the question-and-answer section of the press conference, media representatives received specific answers regarding various aspects of the country's banking system. The discussion covered topics such as:
Summing up the meeting, the Chairman of the National Bank of Tajikistan, Firdavs Tolibzoda, thanked media representatives for their fruitful cooperation and objective coverage of the banking system issues, expressing the NBT's willingness to further expand this partnership.
Press Division
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20.07.2026
