Trade.gov: Tajikistan Trade Financing

The report states that this is the U.S. International Trade Administration’s Tajikistan Country Commercial Guide — Trade Financing chapter, last updated 21 January 2026. Under Methods of Payment, the report states that payments between corporate entities must be processed through banks, but most companies prefer not to use letters of credit due to high taxation cost; borrowing from personal contacts and informal channels remains prevalent. Most smaller Tajik firms use cash prepayment with balance due on delivery, either through physical cash transfers or direct bank transfers, and banks are developing fintech solutions that have not yet been widely adopted. The report states that leasing is undeveloped; Tajikistan enacted a Law on Leasing in 2003 and amended it in 2016 and 2017, but most businesses have little knowledge of leasing as a financing tool. Under Banking Systems, the report states that the banking system comprises 66 credit institutions, including 15 traditional banks and one Islamic bank, with a history of directed lending to politically connected individuals producing high non-performing loans. Total assets are estimated at $4.3 billion and the loan portfolio at $1.9 billion, with average weighted rates of 23.10% on somoni loans and 12.18% on USD loans; non-performing loans officially stand at 7%. Under Foreign Exchange Controls, the report states that Tajikistan is subject to IMF Article VIII, and in 2024 the somoni strengthened by 15%. Correspondent accounts with Russia declined rapidly after the 2022 invasion of Ukraine; Tajikistan now relies on banks in Kazakhstan, Uzbekistan, Georgia, Azerbaijan, Turkey and China.