In 2025, financial institutions in Tajikistan issued loans totaling 30.0 billion somoni (approximately $3 billion), according to the National Bank of Tajikistan (NBT). The country’s financial regulator notes that this represents a 21.1% increase compared to 2024.
Of the total loan amount, 42.6% was allocated to consumer spending. The remaining loans were distributed as follows:
· Trade and public catering: 13.4%
· Agriculture: 11.8%
· Industry: 8.3%
· Services: 7.1%
· Mortgages: 6.1%
· Construction: 4.5%
· Other sectors: 6.2%
At the end of 2025, the total outstanding loan portfolio of financial institutions stood at 26.1 billion somoni, which is 22.2% higher than at the end of 2024.
The average interest rate on loans in 2025 was 22.6% in the national currency and 11.7% in foreign currency. The foreign currency rate remained unchanged compared to the previous year, while the national currency rate increased by 0.5 percentage points, compared to 22.1% in 2024.
Recall that in his address to the parliament at the end of 2024, President Emomali Rahmon instructed the relevant authorities to take measures to reduce loan interest rates. Previously, in May 2018, he had tasked authorities with determining the real cost of loans and gradually lowering the interest rates.
The inaccessibility of financing under favorable conditions remains a major barrier to business development. Entrepreneurs often face a lack of working capital and are forced to approach banks. However, high interest rates and difficulties with repayment often lead them to take out loans in hopes of success, but they don't always manage to repay them.
Moreover, most banks offer short-term loans, while entrepreneurs typically require long-term financing.
