Firdavs Tolibzoda
From Wikipedia, the free encyclopedia
Firdavs Tolibzoda (Tajik: Фирдавс Толибзода; born 11 March 1980) is a Tajik economist and banker who has served as the Chairman of the National Bank of Tajikistan since January 2024. He is the eighth person to hold the position since the bank's establishment in 1991.[1] Tolibzoda has spent his entire professional career at the National Bank, joining in 2003 and rising through the ranks to become Deputy Chairman in 2021, First Deputy Chairman in 2022, and Chairman in 2024.[1] As Chairman, he oversees the country's monetary policy, financial sector regulation, and banking system development.[2]
11 March 1980
Firdavs Tolibzoda | |
|---|---|
Фирдавс Толибзода | |
| Chairman of the National Bank of Tajikistan | |
| Assumed office 16 January 2024 | |
| President | Emomali Rahmon |
| Prime Minister | Qohir Rasulzoda |
| Preceded by | Hokim Kholiqzoda |
| First Deputy Chairman of the National Bank of Tajikistan | |
| In office 17 August 2022 – 16 January 2024 | |
| Deputy Chairman of the National Bank of Tajikistan | |
| In office 18 January 2021 – 17 August 2022 | |
| Personal details | |
| Born | Tolibzoda Firdavs Nazrimad 11 March 1980 |
| Party | People's Democratic Party of Tajikistan |
| Spouse | Married |
| Children | 4 |
| Education | |
| Profession | Economist, banker |
Early life and education
Firdavs Tolibzoda was born on 11 March 1980 in the Tajik SSR, Soviet Union.[1][3] He earned a Bachelor of Arts degree in Banking and Finance from the Eastern Mediterranean University in Northern Cyprus, Turkey, in 2003.[1][4] In 2009–2010 he enrolled in the Master's degree program at the National Graduate Institute for Policy Studies (GRIPS) in Tokyo, Japan, graduating with a Master of Arts in Public Administration (Transition Economy Program).[1][4][3] Tolibzoda is fluent in English, Russian, and Turkish, in addition to his native Tajik.[1][5]
Career
Tolibzoda began his career at the National Bank of Tajikistan in 2003, shortly after completing his higher education.[1][4] He initially worked as a 2nd category Economist and then as a Leading Economist in the Banking Supervision and Licensing Department.[1] In 2009–2010 he took a leave to pursue his master's degree in Japan. After returning, he held various senior positions until 2015, including Chief Economist, Chief Specialist, and Deputy Head in the Non-Bank Financial Institutions Supervision Division and the Second Inspection of the Banking Supervision Department.[1] He later served as Deputy Head and then Head of the Analysis and Licensing Management division within the Banking Supervision Department.[1] From 2020 to 2021 Tolibzoda worked as Deputy Director of the Banking Supervision Department.[1] On 18 January 2021 Tolibzoda was appointed Deputy Chairman of the National Bank of Tajikistan by presidential decree.[1][3] In this role, he oversaw key areas including monetary policy, financial stability, international relations, and insurance supervision.[4] On 17 August 2022 he was promoted to First Deputy Chairman of the National Bank.[1][3] On 16 January 2024 by Decree No. 681 of the President of the Republic of Tajikistan, Tolibzoda was appointed Chairman of the National Bank of Tajikistan, succeeding Hokim Kholiqzoda who had been appointed First Deputy Prime Minister.[1][3]
Chairmanship
As Chairman, Tolibzoda has focused on maintaining price stability and implementing monetary policy. In 2025, the inflation rate stood at 3.5%, at the lower limit of the bank's target range of 5% ± 2 percentage points, a decrease of 0.1 percentage points from the previous year.[6][7] To regulate the money supply and reduce inflationary pressures, the bank conducted 110 auctions of securities sales totaling 63.6 billion somoni (approximately $6.7 billion).[6] The refinancing rate, the main monetary policy instrument, was gradually reduced by 1.5 percentage points over the year to 7.5% per annum.[6][7] Under Tolibzoda's leadership, the banking sector showed strong performance in 2024. Total foreign investment into financial institutions reached $5.1 billion, a 77% increase compared to 2023, driven largely by deposits and credit lines from non-residents.[2] Net income across the sector reached 1.25 billion somoni, up 24.6% year-on-year, with Return on Assets (ROA) at 2.6% and Return on Equity (ROE) at 13.9%.[2] The capital adequacy ratio averaged 21.8%, significantly exceeding regulatory requirements.[2] As of December 2025 69 financial and credit institutions operated in the country, including 18 traditional banks, 1 Islamic bank, 26 microcredit deposit institutions, 2 microcredit institutions, and 22 microcredit funds.[7] Tolibzoda has emphasized the importance of digital financial services and financial inclusion.[8] He has highlighted the rapid growth in users of electronic payment instruments and e-wallets, and the expansion of cashless payments across the country.[8] Under Tolibzoda's leadership, the National Bank has advanced green finance initiatives. In April 2025, he officially opened the EBRD's climate transition planning program in Tajikistan, which helped financial institutions adapt to climate challenges.[9] Tolibzoda has emphasized the growing importance of sustainable financing and the need to strengthen climate risk management mechanisms for economic stability.[10] In October 2025, three Tajik banks; Dushanbe City Bank, Spitamen Bank, and Kommertsbank of Tajikistan were placed on the European Union sanctions list under the EU's 19th sanctions package against Russia, which took effect on 12 November 2025.[11] Tolibzoda established a special working group and held several meetings with EU representatives to negotiate the lifting of the restrictions.[11] The banks were removed from the sanctions list under the EU's 20th sanctions package, adopted on 23 April 2026, after they took steps to close identified loopholes and cease the activities that had prompted their inclusion.[11] Tolibzoda described the removal as a "very good result" and a major achievement for Tajikistan's banking system.[11]
International activities
Tolibzoda has represented Tajikistan in numerous international forums and meetings:
- IMF and World Bank Annual Meetings: He has regularly led Tajikistan's delegation to the Annual and Spring Meetings of the International Monetary Fund and the World Bank Group in Washington, D.C.[12][13]
- Central Bank of the UAE: In December 2024, he signed a Memorandum of Understanding with the Central Bank of the United Arab Emirates to strengthen bilateral cooperation in banking supervision, payment systems, anti-money laundering, and digital currencies.[14][15]
- Swiss State Secretariat for Economic Affairs (SECO): He has held multiple meetings with SECO representatives to discuss financial sector development, digital services, financial inclusion, and banking supervision.[8][16]
- European Bank for Reconstruction and Development (EBRD): He has met with EBRD officials, including Vice President Mark Bowman and Director Georgiy Orlov, to discuss financial sector projects, support for SMEs, women entrepreneurs, green economy development, and the insurance market.[17][18]
- Industrial and Commercial Bank of China (ICBC): He has held meetings with ICBC management on the sidelines of IMF and World Bank meetings to discuss cash services, asset management, correspondent accounts, and bilateral cooperation.[12]
- Deutsche Bundesbank: In August 2025, he led a delegation to the Deutsche Bundesbank branch in Munich to exchange experiences on cash management and explore advanced anti-counterfeit technologies.[19][20]
- Organization of Islamic Cooperation (OIC-COMCEC): He participated in and delivered a speech at the 7th meeting of the Forum of Central Banks of the OIC Standing Committee for Economic and Trade Cooperation in Istanbul.[21]
- Central Bank of Turkey: He met with the Governor of the Central Bank of Turkey during a working visit to Turkey.[22]
- Alliance for Financial Inclusion (AFI): He co-hosted AFI Working Group meetings in Dushanbe and emphasized the importance of expanding access to digital financial services and strengthening inclusive and sustainable financial ecosystems.[23]