Meeting Between the Deputy Chairman of the National Bank of Tajikistan and Experts from the International Monetary Fund

Meeting Between the Deputy Chairman of the National Bank of Tajikistan and Experts from the International Monetary Fund

On October 23, 2026, a concluding meeting was held at the National Bank of Tajikistan (NBT) between the NBT's Deputy Chairman, Sirojiddin Ikromi, and experts from the International Monetary Fund (IMF). The meeting focused on the outcomes of a technical assistance mission aimed at improving the Monetary Policy Implementation Framework (MPIF).

During the meeting, the parties discussed the assessment of the monetary policy implementation process, the effectiveness of its operational tools, and priority areas for further enhancing liquidity management mechanisms and developing the money market.

Sirojiddin Ikromi, the NBT's Deputy Chairman, emphasized the importance of technical cooperation with the IMF regarding the modernization of monetary policy instruments. He paid particular attention to enhancing the efficiency of monetary operations, strengthening liquidity management mechanisms, and developing the interbank money market. It is worth noting that the IMF technical assistance mission worked at the National Bank of Tajikistan from October 15 to 23, 2026.

During the mission, experts held a series of meetings and working discussions with the management and representatives of various structural units of the National Bank of Tajikistan, as well as with participants in the financial market.

Throughout the mission, the team analyzed and evaluated issues such as liquidity management within the banking system, the transmission mechanism through which the monetary policy interest rate affects market rates, the effectiveness of monetary operations, functioning of standing facilities, and development of the interbank money market.

As a result of their assessment, the IMF experts gave a positive evaluation of the reforms undertaken by the National Bank of Tajikistan to modernize its monetary policy instruments. In particular, the introduction of a reserve averaging mechanism, the expansion of operations to absorb excess liquidity, the promotion of interbank market development, and the alignment of interest rates on National Bank of Tajikistan securities with the monetary policy rate were highlighted as significant achievements in enhancing the effectiveness of the monetary policy implementation framework.

In conclusion, Mr.S.Ikromi expressed his gratitude to the IMF experts for their fruitful cooperation, the analyses and assessments conducted, and the recommendations provided. He identified the strengthening of institutional and professional capacity, the refinement of operational processes, and the study of best practices from the central banks of other countries as key priorities for future activities.

Press Division

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26.10.2026