The author of the article elicited the peculiarities of the factors influencing in the negative the development of the real sector of economy and conducted an analysis of the latters as exploration of the factors beset with non-payments can give a response to numerous questions referring to the reasons of recession in the production sector of Tajikistan Republic. He names factors and conditions exerting influence upon an effective development of the real sector of economy. Correlational dependence of M2 aggregate circulation velocity on a rate of NBT refinancing is calculated. It is established that under the difference of tariff refinancing with 1.1% a velocity circulation of the index in question increases for one turn. The inferences of potentiality of affection of these factors over a development of the real sector of economy are made. The more the non-payment factors comprise economy, the more reduced material production standard turns out to be. The author gives practical recommendations concerning non-payment factors reduction that requires a tantamount monetary-crediting policy which should be conducted.
inflation tempos, currency course, amount of arrears, ICF, real sector of economy, demand for money, correlation coefficiency, distraction policy, percentage tariff
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