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…