FX.co ★ Tajikistan Cuts Key Rate to Lowest Level Since 2014

In its October meeting, the National Bank of Tajikistan decided to reduce the key refinancing rate by 25 basis points, bringing it down to 7.50%. This adjustment marks the lowest borrowing costs since 2014. The decision was influenced by a persistent decrease in inflation, which dipped to 2.8% in September, marking its lowest point since July 2023 and falling below the central bank's target range of 3% to 7%. Concurrently, real GDP growth showed considerable strength, achieving an 8.2% increase from January through August 2025. This robust growth supports the central bank’s inclination towards a more accommodative policy.