The Russian ruble (RR) has leapt against the Tajik national currency, the somoni (TJS), after the Russian authorities re-imposed currency controls in early October.
According to data from the National Bank of Tajikistan (NBT), the ruble became 5.5 percent stronger against the somoni, increasing from 1:0.1120 on October 2 to 1:0.1159 on October 3.
As of October 24, the exchange rate of the somoni against the ruble is 0.1159:1.
In exchange offices of the country’s commercial banks, the current average exchange rate of the ruble against the somoni is 1:0.1160.
In the Russian Federation, the current exchange rate of the ruble against the dollar is 94.02:1.
Recall, Russia on October 3 re-imposed some of the capital controls it introduced in the wake of its full-scale invasion of Ukraine in a new attempt to prop up the ruble as the cost of war weighs heavily on the economy. Russia’s financial regulator, Rosfinmonitoring, monitors and enforces the new requirements on 43 companies in the energy, metals, grain and other sectors.
The Russian authorities say the main purpose of these measures is to create long-term conditions for increasing the transparency and predictability of the currency market, [and] to reduce the opportunity for currency speculation.
On October 23, the price for Brent crude oil, a global benchmark for Russia's main export, was 90.17 US dollars per barrel.
The ruble has endured a turbulent period since Russia's invasion of Ukraine in February 2022, plunging to a record low of 120 to the dollar in March 2022 before roaring to a seven-year high just a few months later, buoyed by the central bank's capital control measures and a spike in export revenue.
