DUSHANBE, December 2, 2015, Asia-Plus – The National Bank of Tajikistan (NBT) has begun taking measures against lending agencies whose currency exchange points involved in currency speculation.
Tajikistan’s central bank reported on December 1 that six employees of currency exchange points have been detained for currency speculation.
“Joint raids made by the NBT and the Prosecutor-General’s Office Employees on December 1 led to detention of Aliahmad Nazarov, employee of the exchange point of the Vaslat microlending organization, Aminjon Valiyev, employee of the exchange point of the Aziziz Moliya microlending organization, Bakhtiyor Bobonazarov and Abubakr Saidozoda, employees of the exchange points of the Vorisi Zamon microlending organization, and Alisher Azimzoda and Ibodullo Saodatov, employees of the exchange points of Tojik Sodirot Bonk (TSB),” the NBT press center said, noting that the employees were detained for rigging rates.
The mentioned microlending organizations were fined 60,000 somoni each and TSB was fined 100,000 somoni for improper control over functioning of their currency exchange points.
We will recall that Tajikistan’s central bank has closed all currency exchange points as the national currency, the somoni, has sharply fallen.
The NBT has said that analyses have shown that the currency-exchange points are rigging rates and profiting from market instability.
The government order, which is to be published this week, will allow only authorized banks to effect currency exchanges, which will also be limited in amount. After the government order is published, it will be possible to buy only up to 14,000 somoni without producing identification, such as a passport.
Buying and selling foreign currencies outside the authorized points will incur criminal prosecution for all parties involved.
Similar situation emerged in the country in December 2014 as well as in January and April 2015 and the national currency, the somoni, that time fell nearly 18 percent against the dollar.
Tajikistan’s central bank in April this year ordered closure of private currency-exchange points. As a result of the blanket ban on private exchange offices more than half of the country’s exchange offices – 818 out of a total 1,581 – were shuttered, leaving 763 operating. The majority of the shuttered private exchange points were later reregistered to lending agencies.
Currency-exchange points in Dushanbe have stopped selling U.S. dollars as the U.S. dollar reached 7.6 somoni on November 29, up from 7.00 somoni.
On November 30, the market buying rate (the buying rate is the rate at which money dealers buy foreign currency)of USD in Dushanbe fell to 1:7.4, and on December 1, the market buying rate of USD fell to 1:7.22
Meanwhile, an official exchange rate between USD and TJS set by the National Bank of Tajikistan (NBT) is 1:6.7439.
