National Bank of Tajikistan again keeps refinancing rate at 7%

DUSHANBE. Oct 29 (Interfax) - The National Bank of Tajikistan's Monetary Policy Committee kept the refinancing rate at 7% for the third time at its meeting on Thursday, the National Bank said.

"The refinancing rate will remain unchanged at 7% per annum," the committee said in its decision, without specifying the reasons.

At the committee's previous meetings on July 30 and April 30, the rate was kept at 7% after the National Bank lowered it by 0.5 percentage points (pp) from 7.5% to 7% on January 29 this year.

According to the central bank, taking into account the unchanged refinancing rate, the rate on overnight loans will remain at 10%, and on overnight deposits at 4% per annum. The required reserve ratio in the national currency has been kept at 3%, and in foreign currency at 9%.

At the end of July, the National Bank explained the decision to maintain the rate level in terms of the rise in world fuel prices and the likelihood of its continuation in the near future, the volatility of certain imported consumer goods, the stability of the national currency against most foreign currencies, and the maintenance of inflation within the established target.

As reported, annual inflation in Tajikistan amounted to 4.1% in September, which corresponds to the June level (after accelerating from 3.4% in March). Consumer price growth amounted to 2.8% in January-September.

The target of the National Bank of Tajikistan under the inflation targeting regime is to contain consumer price growth within 5% plus-minus 2 pp.

In accordance with the National Bank of Tajikistan's monetary policy guidelines for 2026, the meeting on October 29 is the final one this year. The schedule of rate meetings next year will be approved by a similar document, which the regulator must send to the country's parliament before November 1 of the current year.