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commodity prices, Tajikistan was the only Central Asian country to keep
inflation within the target corridor.”

The National Bank of Tajikistan at its October meeting cut its
benchmark interest rate by 50 bp to 13.0%. It was the central bank’s
first rate cut since July 2020. Borrowing costs were brought to their
lowest level since September 2021. The regulator maintained its
inflation forecast for 2022 at 4% to 8%.

4.3 Inflation & Monetary Policy - Turkmenistan

In its September 2022 Regional Economic Prospects report, the
European Bank for Reconstruction and Development (EBRD) stated:
“Turkmenistan has a healthy fiscal balance, supported by elevated gas
revenues and low public debt. While official estimates are not available,
inflation is likely to remain in low double digits, below the end-2021
level of 21 per cent. Administratively set prices for fuel and energy
products have not been adjusted in 2022 whereas food inflation is likely
to be moderated by a high base effect given that prices were allowed to
increase rather sharply in 2021.”

The latest IMF assessment of headline inflation in Turkmenistan
suggests rates of 15%, 17.5% and 10.5% in 2021, 2022 and 2023
respectively.

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