ANALYSIS OF THE DEVELOPMENT OF THE MAIN INDICATORS OF MICROFINANCE SECTOR
The article deals with issues related to the development of the microfinance sector. The reasons for the reduction in the number of microfinance organizations are identified, among which the main ones are the increase in the authorized capital rate by 2 times, the closure and merger of microfinance organizations, and the transformation into commercial banks. The analysis found that the impact and consequences of the COVID 19 pandemic had a serious impact on the activities of microfinance organizations. Deterioration in the quality of the loan portfolio of microfinance organizations, a decrease in its volume, a reduction in lending in such sectors as industry - by 18,9%, construction - by 23,5%, transport - by 48% and foreign trade - by 42,6%, directly associated with the pandemic. Positive changes were identified in the microfinance sector, primarily associated with a decrease in the level of dollarization. During the analyzed period, microfinance organizations significantly reduced the share of foreign currency loans in their portfolio, and also increased the share of the deposit portfolio in the national currency. Based on statistical data, it was concluded that the share of attracted deposits by microfinance organizations, in total, is almost 50% of their loan portfolio. It is substantiated that the volumes of the main indicators of the development of the microfinance sector in relation to the country's GDP remain at a low level. Potential directions and factors that can activate the growth of the microfinance sector and its indicators in the Republic of Tajikistan are identified.