- Macroeconomic Indicators for 2023
- Monthly inflation for October-0,3%
- 4,4%
- Monetary base, bln. somoni (October)33,8
- Medium-term inflation target6% (±2)
- Monetary policy rates (% per annum)
- Refinancing Rate
(from May 01, 2023)10,0 - 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 (October)7,38%
- Interest Rate in 2023
- Average weighted rate on time depos.in national curren (January-October)12,95 %
- Average weighted rate on loans in national curren (January-October)23,35 %
- Average weighted rate of interbank loans. in national curren (January-October)15,00%
- Average weighted interest rate on mortgage (residential) loans. in national curren (October)20,66%
- Average weighted interest rate on consumption loans. in national curren (October)22,91 %
- Official exchange rate of currencies against Somoni (TJS)
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on 05.12.2023 1 USD 10.9538 1 EUR 11.9155 1 RUB 0.1206
- Financial Reports
- Financial reports 2022
- Financial reports 2021
- The Financial Statements of the previous years
- Daily price of Dimensional Gold Bars of the NBT
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Information regording Bars can be obtained via tel:
44-600-32-77, 44-600-32-48
- Calendar of news
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M T W T F S S 27 28 29 30 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
MACROPRUDENTIAL POLICY

Macroprudential policy is the set of cautious actions which are directed to mitigating risks of the financial sector. In this regard, Macroprudential policy is used to identify, monitor and assess systemic risks to financial stability with a view of protecting the stability of the financial system as a whole, which also includes enhancing the resilience of the financial system, preventing and reducing the accumulation of the systemic risks to ensure that the financial sector makes a sustainable contribution to economic growth.
According to article 6 of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan” one of the goals of the National Bank of Tajikistan is implementation and surveillance of macroprudential policy.
The realization mechanism of macroprudential policy is conducted according to the “The macroprudential framework of the National Bank of Tajikistan” (Resolution of the NBT Board № 95 as of July 12, 2016).
Intermediate objectives of the macroprudential policy directed to achieving main objectives, assure improved transparency in the process of implementation and consist of followings:
1. Mitigate and prevent excessive growth of risk weighted assets and insolvency;
2. Mitigate and prevent illiquidity and maturity mismatch;
3. Mitigate and prevent growth of FX deposits , loans and NPLs;
4. Limit direct and indirect exposure concentrations;
5. Strengthen the transparency and confidence in the financial system.
The decision-making process of the macroprudential policy follows a four-step cycle:
1. Identification and evaluation of systemic risks;
2. Selection of the macro-prudential instruments;
3. Implementation of the macro-prudential instruments;
4. Evaluation of the macro-prudential instruments.
For achievement of intermediate goals of macroprudential policy, the National Bank of Tajikistan applies tools which are recommended by Financial stability Committee, and also the tools developed on the basis of evaluation of financial system risks. Macroprudential policy is directed only on reduction of probable occurrence of future crises, and it does not bear responsibility for their full elimination.
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