The National Bank of Tajikistan lowered its key refinancing rate by 25bp to 8.75%, following three rate cuts made in 2024. Policymakers said that stable inflation, that remains within the lower limit of the central bank’s target range, justifies the move, adding that they continue to monitor domestic and global commodity prices. Inflation in December was 3.6% YoY, in line with the average level seen in 2024.