Page 15 - Small Stans and Causcasus Outlook 2022
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2.1.2 Inflation and monetary policy
Tajikistan's central bank raised its refinancing rate to 13.25% from 13%
on October 25. The move was taken in order to curb inflation.
Annual inflation in the ex-Soviet state stood at 9.6% in September,
outside of the Tajik central bank's target range of 4-8%.
Assuming ongoing pressure on inflation in 2022 due to the economic
impacts of the COVID-19 pandemic, the Tajik regulator is likely to
continue with its current policy trajectory.
2.1.4 Industrial production
Tajikistan’s industrial output grew by 23.3% in the first half of 2021,
according to official figures. No further data was available on output
trends. Overall, industrial production likely benefited from the easing of
pandemic-related restrictions in 2021 and potential further easing in
2022 is set to positively impact Tajikistan.
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