DUSHANBE, November 14, 2014, Asia-Plus — The value of the Tajik national currency, the somoni (TJS), has continued to depreciate against the U.S. dollar, registering an average market purchase rate of the dollar against the somoni 1:5.38 on November 13, up from 1: 5.2425 on November 6.
Tajik central bank notes that on November 13 the highest market purchase rate between USD and TJS was reported in Khujand – 1:5.44
In Dushanbe, the market exchange rate between USD and TJS rose from 1:5.25 on November 6 to 1:5.38 on November 13.
In Khujand, the capital of Sughd province the market exchange rate between USD and TJS rose from 1:5.27 on November 6 to 1:5.44 on November 13.
In Qurghon Teppa, the capital of Khatlon province the market exchange rate between USD and TJS rose from 1:5.25 on November 6 to 1:5.4 on November 13.
In Kulob (Khatlon province), the market exchange rate between USD and TJS rose from 1:5.2 on November 6 to 1:5.3 on November 13.
In Khorog, the capital of the Gorno-Badakhshan Autonomous Region (GBAO), the market exchange rate between USD and TJS remained the same – 1:51.
Meanwhile, an official exchange rate between USD and TJS set by the National Bank of Tajikistan rose from 1:5.0495 on November 6 to 1:5.0855 on November 14.
According to the National Bank of Tajikistan (NBT), the somoni, has lost approximately 7 percent of its value against the dollar since the beginning of the year.
Specialists from Tajik central bank attribute the somoni devaluation to sanctions imposed by Western countries on Russia, which is the main trading partner of Tajikistan.
The World Bank report,
Tajikistan: Moderated Growth, Heightened Risks
, notes that supported by Tajik central bank’s interventions, the Tajik national currency, the somoni, depreciated less than other regional currencies, but the scope for interventions is limited because reserves are low. The somoni had depreciated against the U.S. dollar by about 4.6 percent by mid-September 2014 (y/y). Continued weakening of regional currencies will heighten the pressure on somoni, the report says.
