The National Bank of Tajikistan lowered its key refinancing rate by 25 basis points to 7.50% during its October meeting, bringing borrowing costs to their lowest level since 2014. The decision follows a continued downward trend in inflation, which fell to 2.8% in September, its lowest level since July 2023 and below the central bank’s target range of 3%-7%. Meanwhile, real GDP growth remained robust, reaching 8.2% between January and August 2025, supporting the central bank’s more accommodative policy stance.