Translated with AI
Annual inflation in Tajikistan as of June 2026 stood at 4.1%, remaining below the National Bank of Tajikistan's target. Amid price stabilization, the regulator lowered the refinancing rate to 7% per annum. This was announced today at a press conference at the National Bank of Tajikistan, dedicated to its performance results for the first half of 2026.
According to the National Bank, inflation for January–June of this year amounted to 2.4%, which is 0.6 percentage points higher than the figure for the same period last year.
The main contribution to the growth of consumer prices was made by the increase in prices of food products by 2.6%, non-food products by 1.7%, as well as an increase in the cost of paid services by 3.8%.
Despite this, the annual inflation rate remained below the National Bank’s target range of 5% ±2 percentage points and amounted to 4.1% at the end of June.
The National Bank noted that, to regulate the money supply and maintain price stability , 39 securities auctions were held in the first half of the year, totaling 82.5 billion somoni . Furthermore, available funds from credit institutions, amounting to an average of approximately 2 billion somoni , were attracted daily through overnight deposit operations.
Against the backdrop of declining inflationary pressure, stabilizing inflation expectations, and a relatively stable situation in domestic and global commodity markets, the regulator decided to reduce the refinancing rate by 0.5 percentage points to 7% per annum .
During the press conference, it was also noted that the National Bank continued to implement its exchange rate policy under a managed floating exchange rate regime. Over the first half of the year, the official US dollar to somoni exchange rate changed slightly—from 9.2513 somoni at the end of 2025 to 9.2674 somoni on June 30, 2026, representing a change of 0.17% .
The National Bank emphasized that measures aimed at maintaining price stability, effectively implementing monetary policy, and ensuring the sustainability of the country's financial system will be taken in the second half of the year.
