The exchange rate of the Tajik national currency, the somoni, against the dollar has exceeded 9.00 somoni.
An official exchange rate of the somoni (TJS) against the dollar (USD) set the National Bank of Tajikistan (NBT) increased from 8.99:1 on May 30 to 9.01:1 on May 31.
As of January 1, 2018, the official exchange rate of TJS against USD was 8.819:1. Thus, the somoni, has lost nearly 2.2 percent of its value against the dollar since the beginning of the year.
Meanwhile, the market buying exchange rate (the buying rate is the rate at which money dealers buy foreign currency) of the somoni against the dollar today is 9.02:1. The market exchange rate of the somoni against the dollar has fallen nearly 3.5 percent since the beginning of the year.
Tajikistan has been experiencing shortage of U.S. currency for already two months. It is practically impossible to purchase dollars because some banks have no dollars to speak of, while others such as Kazkommertzbank, the First Microfinance Bank of Tajikistan and Spitamen Bank and can offer dollars but in limited volumes – from 50.00 to 300.00 USD per person.
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 city. 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.
Even the Finance Ministry has long freely admitted the somoni is set for gradual devaluation, which explains why people are so eager to get rid of their stocks. According to the ministry’s forecasts, the somoni is projected to slide to 10.4 somoni in 2018 and to 11.2 somoni in 2019.
