Panjakent or Penjikent is a city in the Sughd province in western Tajikistan on the river Zeravshan, with a population of 52,500. It was once an ancient town in Sogdiana. The ruins of the old town are on the outskirts of the modern city. The Sarazm Important Bird Area lies downstream of the city on the tugay-vegetated floodplain of the river.