National Bank of Tajikistan
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The National Bank of Tajikistan (Tajik: Бонки миллии Тоҷикистон, romanized: Bonki Millī Tojikiston) is the central bank of Tajikistan. It is the country's primary issuing and reserve bank, responsible for maintaining price stability, implementing monetary policy, and supervising the banking sector. The bank is 100% state-owned and reports to the Majlisi Namoyandagon. Its headquarters are located in the capital Dushanbe.[1] Established in 1991 the bank has undergone significant transformations, including the introduction of the Tajikistani somoni in 2000. It has been involved in various international partnerships and has faced challenges, including a major financial scandal in 2009 and the impact of international sanctions in 2025.
| |
| Central bank of | Tajikistan |
|---|---|
| Headquarters | Dushanbe, Tajikistan |
| Established | 28 June 1991 |
| Ownership | 100% state ownership |
| Currency | Somoni TJS (ISO 4217) |
| Website | www |
History
The National Bank of Tajikistan was established on 28 June 1991 by Resolution No. 332 of the Supreme Council of the Republic of Tajikistan. It was created on the base of the Tajik Republican Office of the State Bank of the Soviet Union.[2] Initially named the "National Bank of the Republic of Tajikistan", it was renamed to the "National Bank of Tajikistan" in 1996. In 2000 the bank introduced the somoni as the national currency, replacing the Tajikistani ruble.[2] A significant event in the bank's history occurred in 2009 when an audit by Ernst & Young revealed the misuse of funds under the chairmanship of Murodali Alimardon. The audit found that over $856 million had been improperly directed to a private company, Credit-Invest, and that $220 million had gone missing.[3][4] In October 2025 three Tajik banks; Dushanbe City Bank, Spitamen Bank, and Commerzbank were placed on the European Union sanctions list. The National Bank initiated measures to mitigate the negative effects of these sanctions.
Legal status and governance
The legal status, structure, and functions of the National Bank are defined by the Law "On the National Bank of Tajikistan" and the Law "On banks and banking activities". According to these laws, the bank is a central issuing and reserve bank, under the ownership of the Republic of Tajikistan and accountable to the Majlisi Namoyandagon. It operates as an independent legal entity.[5]
Objectives and functions
The primary objective of the National Bank of Tajikistan, as defined in its enabling law, is to achieve and maintain long-term price stability. Its supplementary goals include:
- Development and implementation of the monetary policy of the Republic of Tajikistan.
- Regulation and supervision of the banking system.
- Ensuring the reliable and efficient functioning of the payment system.
- Managing the country's foreign exchange reserves.
The bank holds the exclusive authority to issue the national currency, the somoni.[5]
Organization and structure
The National Bank of Tajikistan consists of a Central Office and five Regional Departments. The Regional Departments are located in:
The Central Office in Dushanbe comprises various departments, including the Chairman's Office, Internal Audit Department, Monetary Policy, Research and Development Department, and Banking Supervision Department.[6] As of December 2025 there were 69 financial and credit institutions operating under the bank's supervision, including 18 traditional banks and 1 Islamic bank.[7]
Monetary policy
The National Bank's monetary policy is primarily focused on achieving its inflation target. The bank uses various instruments, including the refinancing rate and open market operations, to manage liquidity and influence interest rates. In 2025 the inflation rate was 3.5%, which was at the lower limit of the bank's target range of 5% ± 2 percentage points.[7] To regulate the money supply and reduce inflationary pressures, the bank conducted 110 auctions of securities sales totaling 63.6 billion somoni. The refinancing rate was gradually reduced by 1.5 percentage points over the year and set at 7.5% per annum.[7][8]
Digitalization and payment systems
The National Bank has been actively promoting the digitalization of the financial sector. Key strategic documents include the Strategy for the Development of the Payment System of the Republic of Tajikistan for 2015–2025 and the National Strategy for Financial Inclusion for 2022–2026.[9]
Key initiatives include:
- Unified QR Code System: Introduced in 2022 and integrated into the national fast payment system in 2023, this system allows for accessible and secure digital payments. By August 2025, 25,388 unified QR codes had been deployed across the country.[9][10]
- National Switch: The bank is working on deploying a national switch to facilitate interoperability between different payment systems.
- Payment Gateway for Government Services: Plans are underway to create a payment gateway for government services.
As of June 2025 56.3 million non-cash transactions worth over US$2 billion were carried out using electronic payment instruments, an increase of 34.9% in number and 51.0% in volume compared to the same period in 2024.[9] The National Financial Inclusion Strategy has resulted in an 11-fold increase in customers using mobile phones or the Internet to access an account, and a 260% increase in customers making digital payments.[9]
Green finance and sustainability
The National Bank has integrated climate factors into its financial regulation and supervision system.[11] Developing a green finance system is among the priorities of Tajikistan's economic policy.[12] The bank has adopted an Action Plan for the Implementation of the Green Economy Strategy, created a working group on green finance, and signed a Memorandum of Understanding with the EBRD on environmental, social, and climate risk management.[11] The bank is collaborating with international partners, such as the Global Green Growth Institute (GGGI), to develop a green financial system.[12] In 2026, Tajikistan's first corporate green bond was issued by Eskhata Bank, supported by the International Finance Corporation (IFC), marking an important milestone for the country's capital market and sustainable financing.[12]
International cooperation
The National Bank cooperates with various international financial institutions, including:
- International Monetary Fund (IMF)[13]
- World Bank[14]
- European Bank for Reconstruction and Development (EBRD)[15]
- Asian Development Bank (ADB)[14]
- Islamic Development Bank (IsDB)[14]
It is a member of the Alliance for Financial Inclusion (AFI).[16]
Controversies
An audit by Ernst & Young, commissioned following an agreement with the IMF, revealed that under the chairmanship of Murodali Alimardon, the National Bank was providing funds from the state reserve, including foreign loans, for firms investing in cotton. Over $856 million was improperly directed to a private investment company, Credit-Invest, and other funds were misused. The audit also found that $220 million of the funds had disappeared. Auditors reported restricted access to information, having access to only 13% of the required documentation.[3][4][17] In January 2015 the then-Chairman of the bank dismissed allegations of bribery involving a deputy chairman as unfounded. In October 2025 three Tajik banks were placed on the EU sanctions list, prompting the National Bank to take measures to mitigate the impact.
List of chairmen
The following is a list of chairmen of the National Bank of Tajikistan since its establishment:[18]
- Tukhtaboy Gafarov (1991–1992)
- Kayum Kavmiddinov (1992–1996)
- Murodali Alimardon (1996–2008)
- Sharif Rahimzoda (2008–2012)
- Abdujabbor Shirinov (2012–2015)
- Jamshed Nurmahmadzoda (2015–2020)
- Hokim Kholiqzoda (2020–2024)
- Firdavs Tolibzoda (2024–present)