DUSHANBE, 18.07.2022 (NIAT Khovar) – In order to prevent the impact of external factors and the financial crisis on the country’s banking system, the leadership of the National Bank of Tajikistan took timely and targeted measures and developed an action plan. This was stated by Deputy Chairman of the National Bank of Tajikistan Firdavs Tolibzoda during a press conference.

While commenting on the macroeconomic situation and the activities of the banking system of Tajikistan in the first half of this year, Tolibzoda noted that during this period the National Bank directed the implementation of monetary policy to promote the development of the economy, stability of the banking system, and maintaining a stable level of domestic prices. During this period, the refinancing rate, as the main lever of monetary policy for conducting monetary operations in January-June of the current year, remained unchanged at the level of 13.25% per annum.

He said that the official exchange rate of the dollar against the somoni during this period decreased by 6.57% (from 11.3000 somoni as of December 31, 2021 to 10.5578 somoni as of June 30, 2022). For the same period last year, the indicator increased by 0.18% (from 11.3000 somoni as of December 31, 2020 to 11.3210 somoni as of June 30, 2021).

Tolibzoda added that the country’s gross domestic product during this period amounted to 46.2 billion somoni in nominal terms and its real growth was 7.4%. The development of the economy during this period was mainly supported by an increase in industrial production by 17.3%, retail trade turnover — by 9.3%, financial services — by 12.8%, agriculture — by 7.2% and the construction industry — by 2.5%.

According to him, the inflation rate in this period amounted to 4.1%, which is 0.2% higher than in the same period last year. The indicator is mainly due to an increase in prices for food products by 7% and for non-food products by 2.3%. Also during this period, a decrease in prices for monetary services to the population was recorded, which amounted to 1.1%.

Annual inflation for this period amounted to 8.3%, which is less than 0.7% compared to the same period last year.