Over the first nine months of this year, the Tajik national currency, the somoni (TJS), has lost 17.7 percent of its value against the dollar (USD) at the official exchange rate, according to the press center of the National Bank of Tajikistan (NBT).
“The current official exchange rate of TJS against USD is 8.8:1, though some experts have predicted that the USD exchange rate against TJS will rise to 1:15,” Tajik central bank notes.
NBT says that it has taken a number of measures to stabilize the domestic currency market and reduce the exchange-rate pressure.
Tajik central bank, in particular, intervened in the foreign exchange in order to support the value the somoni possesses against the dollar.
Recall, according to the Finance Ministry’s forecasts, the somoni is projected to slide to 9.16 somoni to the dollar this year, to 10.4 somoni in 2018 and to 11.2 somoni in 2019.
At the beginning of this year, the official exchange rate of the dollar against the somoni was 1:7.87
Last year, the somoni lost 10.8 percent of its value against the dollar.
Tajikistan has mainly resorted to “administrative resources” to keep the currency on an even keel.
In December 2015, the National Bank ordered the closure of all unauthorized currency exchange points in the country. After that, only banks were able to perform foreign exchange operations. Anybody found violating this new arrangement could face jail terms of up to nine years. Also, banks are forbidden by law from selling somoni at more than 1.5 percent the rate established by the National Bank.
