Tajikistan Features - The Times Of Central Asia

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Precious Metals

Vending Machines Selling Gold Bars to Appear in Tajikistan

The National Bank of Tajikistan plans to expand public access to investments in precious metals by installing specialized vending machines in the capital Dushanbe, allowing customers to buy and sell gold bars. The initiative was announced by the bank’s chairman, Firdavs Tolibzoda. According to the regulator, the equipment will be installed in Dushanbe and will enable residents to conduct transactions with gold bars automatically. The machines will operate similarly to conventional ATMs. Customers will be able to select a gold bar, pay by bank card, and receive the product. Some machines are also expected to allow customers to sell gold back to the bank. Such devices are typically located in shopping centers, airports, and other high-traffic areas. As Tolibzoda emphasized, the decision is aimed at “expanding public access to the purchase of gold bars.” Gold bars have been in free circulation in Tajikistan since June 2017. They are currently sold at the central office of the National Bank in Dushanbe and through several commercial banks. According to the regulator, 200 kilograms of gold were sold in the country in 2025 for a total of $24.64 million. Individuals accounted for the majority of purchases. The price of bullion is set daily. It is calculated based on the price of a troy ounce (31.1034768 grams) at the morning interbank fixing in London. Additional costs, including production, transportation, insurance, and customs duties, are also taken into account. The bars are produced from gold mined in Tajikistan. According to the National Bank, 2025 marked a turning point for the domestic gold market. The price of its standardized gold bars rose by an average of 39.03% during the year, the highest increase in recent years. The growth was attributed to rising global gold prices amid geopolitical tensions, a weakening U.S. dollar, and increased demand for safe-haven assets. Bars weighing 10, 20, and 50 grams are available for purchase. As is customary in the bullion market, the larger the bar, the lower the price per gram.

Society

On the Eve of Valentine’s Day: Customs of Love and Marriage in Central Asia

On the eve of Valentine’s Day, Central Asia is once again debating whether to celebrate the holiday or regard it as a symbol of foreign influence. Yet the region has its own rich and diverse customs related to love, matchmaking, and marriage. Accusations of Alien Influence and “Corruption” Valentine’s Day, like Halloween, spread to the former Soviet republics after the collapse of the USSR. In the first decades, young people embraced the new holidays. In recent years, however, critics have increasingly argued that commemorating a Catholic saint in a format centered on romantic love contradicts the traditions of the region’s peoples. For example, in Kazakhstan last year, deputies of the Mazhilis, the lower house of parliament, sharply criticized Valentine’s Day. Some deputies argued that it corrupts young people, promotes “free love,” and even carries “homosexual overtones.” It is worth noting that Kazakhstan recently adopted legislation prohibiting so-called “propaganda of non-traditional sexual relations.” The Spiritual Administration of Muslims of Kazakhstan has also stated that Valentine’s Day promotes alien values and encourages promiscuity. Gratitude for Raising a Daughter Many matchmaking and marriage customs remain common across Central Asia, particularly the significant role of the bride’s and groom’s parents in ceremonies and celebrations. While traditions have evolved, many are still practiced in modern engagements and weddings. The well-known custom of paying bride price, kalym, has been preserved, though it has undergone significant change. Today, kalym varies depending on the wealth of the families. It may include apartments or cars, or it may amount to several hundred dollars. Importantly, kalym is now generally regarded as financial support for the young family and, as a rule, remains at the disposal of the bride and groom. Historically, in Kazakhstan and Kyrgyzstan, kalym was paid in livestock, and wedding celebrations could last more than a month. One of the main Kazakh wedding rituals is the groom’s visit to the bride’s village or, in modern practice, her home. Before his first visit, the groom sends gifts to the bride’s family, known as Ilu, an expression of gratitude for raising their daughter. In some regions of Kazakhstan, this ritual is called ana suty (“mother’s milk payment”). In the past, it included horses, camels, sheep, and riding equipment for the bride’s father. Today, it may consist of any valuable gift, and jewelry is often presented to the women in the bride’s family. The bride traditionally gives the groom a scarf as a symbol of her purity. Festivities then begin, with singing and dancing. Kazakh traditions often involve two weddings: one at the bride’s home and one at the groom’s. The bride’s farewell from her family home remains especially significant, reflecting her relatives’ wishes for her future life. Today, this ceremony is often held in a restaurant. The bride does not wear a white wedding dress at the farewell celebration but appears in an elegant outfit and a traditional headdress known as a saukele. During the farewell, the groom and his friends are subjected to playful pranks, for which they must...

Investments

EBRD Invested Over $100 Million in Tajikistan’s Economy in 2025

The European Bank for Reconstruction and Development (EBRD) invested nearly $103 million in Tajikistan’s economy in 2025, signing 19 agreements over the course of the year. The funding targeted key sectors including energy, transport, municipal infrastructure, and private sector development. According to the bank, 83% of its 2025 loan portfolio in Tajikistan supported sustainable infrastructure projects. Another 14% of resources were channelled through local banks to finance small and medium-sized enterprises (SMEs), women’s and youth entrepreneurship initiatives, and programs focused on climate adaptation and resource efficiency. The public sector received the majority of financing, accounting for 83% of the EBRD’s annual activity in the country. Of the total lending volume, approximately 58% was directed toward green economy development. One of the year’s largest initiatives was a financing package of up to €43 million for the state-owned power distribution company, Shabakahoi Taqsimoti Barq. The package includes an EBRD sovereign loan of up to €28 million and a €15 million grant from the European Union. These funds are being used to modernize electricity metering and billing systems across nine cities in the Khatlon and Sughd regions. Significant investment also went into road infrastructure. An EBRD sovereign loan of up to €38 million, combined with an $86.7 million grant from the Asian Development Bank, will fund the reconstruction of the Danghara-Guliston highway. The route connects the north and south of the Khatlon region, which produces over half of Tajikistan’s agricultural output and is home to more than one-third of the population. A major energy milestone was achieved in 2025 with the completion of the Kayrokkum hydropower plant’s modernization. The plant’s installed capacity increased from 126 MW to 174 MW after all six units were brought online. Serving around 500,000 people in the Sughd region, the project, initiated in 2019, was financed with $196 million arranged by the EBRD. The bank also issued three sovereign loans totaling over €12 million for water supply system upgrades in Kulyab and Yavan, and for the modernization of Dushanbe’s centralized heating system. Alongside infrastructure projects, the EBRD expanded its support for the private sector. In 2025, more than 500 small enterprises across Tajikistan received various forms of assistance from the bank.

Rogun Hydropower Plant

Rogun Dam’s Cross-Border Environmental Impact Draws Scrutiny

An international environmental coalition has raised new concerns about the environmental assessment of Tajikistan’s Rogun Hydropower Plant, warning that its potential cross-border and cumulative impacts on downstream countries are being underestimated. The group, Rivers without Boundaries, presented its latest report, Eyes Wide Shut: Ignoring the Transboundary and Cumulative Impacts of the Rogun Hydropower Plant, highlighting what it describes as serious shortcomings in the project’s environmental and social review. According to the report, the current assessment of Rogun’s transboundary effects does not fully comply with the environmental and social standards of the World Bank. Experts argue the analysis relies on outdated data from 2014 and uses static modeling scenarios that fail to reflect climate change trends and the current hydrological realities of the Amu Darya basin. Rivers without Boundaries contends that this approach prevents a realistic understanding of how the project could affect downstream water availability and ecosystems. The coalition also criticizes what it describes as a failure to account for key external factors, particularly the construction of Afghanistan’s Qosh Tepa canal, which is expected to significantly alter regional water balances. Rather than applying a basin-wide and cumulative assessment, the developers have labeled Rogun’s impact as “neutral”, a claim environmental experts deem misleading. “The authors of the impact assessment preferred to act with their eyes wide shut, excluding the most sensitive and uncomfortable scenarios,” said Evgeny Simonov, international coordinator of Rivers without Boundaries. He added that portraying the world’s tallest dam as environmentally neutral contradicts the very premise of cumulative impact assessment. Without binding commitments on environmental water releases and artificial floods, Simonov warned, the project risks prolonging ecological degradation in downstream areas for decades. The report flags particular threats to biodiversity and wetlands in the Amu Darya delta, many of which are protected under the Ramsar Convention. It notes that the Rogun assessment lacks clear mechanisms to guarantee water flows to these critical habitats during dry periods. The coalition also points to significant gaps in public consultation processes, especially in downstream countries, raising questions about the legitimacy of conclusions drawn regarding the project’s social acceptability. Alexander Kolotov, the coalition’s Central Asia regional coordinator, said consultations were not conducted in affected areas of Uzbekistan and Turkmenistan. “The risks linked to seasonal water redistribution and the launch of the Qosh Tepa canal were effectively left out of the analysis,” he said, calling this a dangerous precedent for a project of regional significance. Rivers without Boundaries is calling for a full Strategic Environmental Assessment of the entire Amu Darya basin, along with the development of legally binding water management plans that include climate adaptation strategies and biodiversity protection measures. Without a fundamental revision of the current approach, the coalition warns, Rogun could become a long-term source of environmental and social tension in Central Asia. At the heart of the concern is the filling of the Rogun reservoir, which experts say could reduce water flows to the Amu Darya delta by 25% or more, accelerating desertification and threatening the livelihoods of up to 10...

B5+1

What the U.S. Really Wants in Central Asia: Behind the B5+1 Forums

The B5+1 business forum continued in Kyrgyzstan’s capital on February 5, as government officials, regional business leaders, and a sizable U.S. delegation met to discuss trade, investment, and regulatory barriers shaping economic ties between Central Asia and the United States. As Washington signals a more pragmatic, commercially driven approach to the region, questions persist over why U.S. investment has lagged behind political engagement and which markets are truly seen as priorities. The Times of Central Asia spoke with Dmitry Orlov, director of the Strategy: East–West analytical center, about the structural obstacles deterring American capital, the shift in U.S. policy thinking, and how Central Asian states are positioned within Washington’s evolving economic calculus. TCA: What serious U.S. capital investments in Central Asia can we talk about today? ORLOV: It is important to understand the main point. Talk of large investments, the arrival of American business, and long-term economic cooperation only makes sense in one case: if the U.S. repeals the Jackson-Vanik amendment, which was adopted back in the 1970s and extended to all former Soviet republics after the collapse of the USSR. Today, it remains a formal and, in many ways, psychological obstacle to a fully-fledged business partnership. At the same time, it is necessary to establish contacts at a business level right now. This is because if the amendment is repealed - and such statements are regularly heard in Washington - it is difficult to predict which countries in the region will receive investment flows and in what volumes. Recent international forums, including Davos, have shown that Kazakhstan and Uzbekistan are of the greatest interest to the U.S. in Central Asia. Their economies are developing more dynamically, and they can offer large-scale projects and a clear export base. The other countries in the region, Kyrgyzstan, Tajikistan, and Turkmenistan, are still perceived by investors as lower priorities. TCA: Previously, the U.S. actively promoted a political agenda in the region, including human rights and freedom of speech. Now these are rarely mentioned. Why do you think this is the case? ORLOV: The approach has become more pragmatic. The history of U.S. foreign policy shows that strategic and economic interests have always taken precedence. If a territory is attractive in terms of resources or transit routes, a format for cooperation will be found. In Europe, relatively speaking, the rule of law prevails. In Asia, the situation is different, and the Americans understand this perfectly well. Issues of ideology and human rights can move to the background if economic expediency comes first. This is especially true in Central Asia, where many issues are resolved through personal agreements and informal connections. Washington understands this. TCA: What exactly can Central Asia offer the U.S.? ORLOV: In terms of individual countries, Kazakhstan and Uzbekistan are again in the lead. They offer oil, gas, and, no less importantly, control over transit routes. There is currently a lot of discussion about rare earths and critical minerals, but their development is always long and expensive. As a result, interest in...

B5+1

B5+1 Forum Opens as U.S. Companies Expand Economic Footprint in Central Asia

Business leaders and government officials from Central Asia and the United States gathered in Kyrgyzstan’s capital on February 4 for the start of the second B5+1 Business Forum. Co-organized by the Kyrgyz government and the Center for International Private Enterprise (CIPE), the event is intended to bring together private companies, business associations, officials, and experts interested in expanding U.S.–Central Asia commercial ties. More than 50 U.S. companies are participating in the event. The B5+1 is the business-track counterpart to the C5+1 diplomatic format that links the United States with Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The B5+1 brings companies and policymakers together to identify barriers to investment and propose cross-border regulatory changes. This week’s meeting in Bishkek follows the inaugural B5+1 forum held in Almaty on March 14–15, 2024, which drew more than 250 stakeholders from across Central Asia and the United States. It produced 21 private-sector recommendations aimed at easing trade, improving regulations, and building regional economic integration. The Bishkek agenda is built around reviewing progress on those recommendations and setting priorities for the next phase of work. Central Asian officials have used the event to signal interest in region-wide coordination rather than country-by-country deals. In comments made in Bishkek, Kazakhstan’s Minister of Industry and Construction, Ersaiyn Nagaspaev, emphasized that foreign investors increasingly assess Central Asia as a single market, reflecting a push to align regulations and investment conditions across borders. Nagaspaev noted that more than 600 U.S. companies currently operate in Kazakhstan. Kyrgyzstan, meanwhile, used the forum to highlight domestic economic performance within that regional context. In a speech at the forum, Kyrgyzstan’s First Deputy Chairman of the Cabinet of Ministers, Daniyar Amangeldiev, said Kyrgyzstan’s economy grew by 11.1% in 2025, which he described as one of the highest growth rates in the region. Addressing the forum, U.S. Special Envoy for South and Central Asia Sergio Gor stated that the United States intends to expand its economic engagement with Central Asia. “The private sector, not intergovernmental agreements, will become the key instrument of interaction," he told those in attendance, identifying electronic commerce, artificial intelligence, critical minerals, agriculture, and transport infrastructure as priority areas. Gor noted that the American companies present at the forum represent the largest and most comprehensive U.S. commercial delegation ever to visit Central Asia. The U.S. recognizes the importance of Central Asia in global trade and connectivity, he stated. "The United States is open for business. We're open for peace. We're opening to strengthen our ties around the world. So that’s why it's fitting that the first C5 event in 2026 is this B5 + 1 forum,” Gor said, linking the Bishkek discussions to economic commitments made at the C5+1 summit in Washington in November 2025. “The Transport Corridor for Peace and Prosperity will provide reliable connectivity from Central Asia through the South Caucasus to global markets,” Gor said. “This is a historic opportunity to strengthen economic integration and long-term prosperity across the region.” During his visit to Bishkek, Gor also met with Kyrgyz President...