According to an update from the National Bank of Tajikistan, the refinancing interest rate has been reduced from 8.25% to 7.75% with effect from 4 August 2025. The rate was previously reduced from 8.75% to 8.25% with effect from 5 May 2025. The refinancing rate is important for tax purposes in relation to the deduction of interest expense on loans, which is limited to three times the amount of interest accrued using the refinancing rate.