National Bank of Tajikistan reduces refinancing rate to 7.75% pa

DUSHANBE. Aug 4 (Interfax) - The National Bank of Tajikistan (NBT) has reduced the refinancing rate, or discount rate, by 0.5 percentage point to 7.75% per annum, the NBT posted on its website.

"The decision has been reached amid a slowdown in inflation to 3.6% year-on-year in June from 3.8% year-on-year in May, as well as the national currency having strengthened by 13% since the beginning of the year. Moreover, there is no substantial inflationary pressure from international energy prices," the Eurasian Development Bank (EDB) said about the NBT's decision.

"We expect the NBT's [monetary] policy to assist in maintaining inflation within the target range [of 5% plus or minus 2 ppts]," the EDB said in its weekly macro review.

The EDB expects inflation in Tajikistan to decline to 3.3% in 2025 from 3.6% in 2024 and 3.8% in 2023.