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Crucial Reforms in Tajikistan’s Financial Sector Triggered, Thanks to Swiss SECO

BAKU, Azerbaijan, June 19. The longstanding cooperation and technical support from Switzerland’s State Secretariat for Economic Affairs (SECO) have enabled the National Bank of Tajikistan to undertake several crucial reforms in the country’s financial sector, Trend reports.

This was stated during the meeting between the leadership of the bank and representatives from SECO held in Tajikistan’s Dushanbe to discuss significant collaboration matters.

Within the framework of SECO’s projects for economic cooperation, alongside supporting crisis-related initiatives, the National Bank of Tajikistan has developed and implemented several regulatory acts in the areas of macroprudential policy, banking regulation and supervision, corporate governance, and credit risk. These efforts have led to notable achievements. The “National Financial Inclusion Strategy of the Republic of Tajikistan for 2022-2026” and its adoption by the Government of Tajikistan serve as a vivid example of this fruitful collaboration.

It was emphasized that despite the challenging geopolitical and economic situation globally, the trend of reducing inflation levels persisted from January through April 2023, reaching 2.3 percent. The annual inflation rate (for the last 12 months) in April this year stood at 3.4 percent, which is 3.9 percentage points lower than the same period last year.

Tajikistan’s GDP growth during this period reached 8 percent, surpassing the same figure from the previous year by 0.5 percentage points.

Source: Trend News