On 5 March 2026, the eleventh meeting of the National Council for Financial Stability in the Republic of Tajikistan (hereinafter referred to as the Council) was held at the National Bank of Tajikistan under the chairmanship of the Chairman of the Council-the Minister of Economic Development and Trade of the Republic of Tajikistan, Abdurahmonzoda Abdurahmon Safarali. The meeting was attended by a representative of the Executive Office of the President of the Republic of Tajikistan, the leadership of the Ministry of Finance of the Republic of Tajikistan, the National Bank of Tajikistan, the Agency for Innovation and Digital Technologies under the President of the Republic of Tajikistan, as well as the Deposit Insurance Fund of Tajikistan.
At the beginning of the meeting, in accordance with the approved agenda, the implementation progress of the decisions adopted during the tenth meeting of the Council was reviewed. Within the framework of the meeting, reports by responsible officials on the current state of the social insurance and pension system, as well as the prospects for its further development, were presented. In addition, key components of the country’s balance of payments, including export and import indicators, as well as the financing of the current and financial accounts, were discussed.
During the meeting, the members of the Council reviewed presentation materials concerning the current state of the government securities market and potential measures aimed at further expanding its capacity. Furthermore, an analysis was conducted regarding the implementation of the Action Plan for the execution of the Decree of the President of the Republic of Tajikistan dated 22 June 2023 No. 586 “On Measures to Expand Non-Cash Payments” across ministries and government agencies. Particular attention was also paid to the importance of the Digital Economy Development Program in ensuring and strengthening financial stability.
In this context, it was emphasized that, taking into account current global economic trends — in particular the intensification of sanctions pressure among major powers, persistent uncertainties in international financial markets, the growing impact of climate-related risks, and other external factors — enhancing the capacity and competitiveness of key sectors of the financial system has become increasingly important. In this regard, the importance of further developing the securities market, expanding non-cash payment practices, introducing digital economy instruments, and ensuring effective inter-agency coordination among relevant ministries and institutions was highlighted.
At the conclusion of the meeting, in order to ensure the coordinated implementation of the instructions and directives of the Founder of Peace and National Unity — Leader of the Nation, President of the Republic of Tajikistan, Honorable Emomali Rahmon, aimed at promoting inclusive and sustainable economic development, reducing the impact of potential risks on the national economy, introducing modern technologies in the financial sector, and addressing other priority issues, relevant decisions were adopted. These decisions are intended to further develop the government securities market, expand non-cash payment systems in the country, advance the development of the digital economy in strengthening financial stability, and implement other important measures.
It should be noted that the National Council for Financial Stability in the Republic of Tajikistan is a permanent inter-agency advisory body established by the Resolution of the Government of the Republic of Tajikistan dated 21 June 2018 No. 331. The Council’s primary objective is to consider issues related to ensuring financial stability, identify potential risks within the financial system, and develop appropriate recommendations and measures aimed at mitigating such risks.
