The U.S. dollar (USD) has lost 0.8 percent of its value against the Tajik national currency, the somoni (TJS), in nine days.
The official exchange rate of USD against TJS, set by the National Bank of Tajikistan (NBT) on a daily basis, decreased by 0.3% in two days – from 1:10.95 on April 3 to 1:10.87 on April 4.
After depreciating by 0.5% against the somoni on March 27-28, the U.S. dollar recovered to 10.91 somoni by April 2, but then its exchange rate again decreased in the next 24 hours.
Overall, the USD/TJS exchange rate has fluctuated within the range of 10.87-10.95 somoni over the past five months.
It should be noted that the last significant fluctuation in the USD/TJS exchange rate occurred at the end of November and early December of last year, when the U.S. currency strengthened against the Tajik somoni by almost 3% (from 1:10.63 to 1:10.93 somoni).
The demand for U.S. dollars in Tajikistan has notably decreased over the past three years. Prior to 2022, exchange offices frequently faced a sharp shortage of dollars. The situation changed as a result of the gradual transition of bilateral trade between Tajikistan and Russia from using the dollar to using the ruble after the onset of the Russian-Ukrainian conflict.
Since February 2022, the dollar-to-somoni exchange rate has decreased by 3.7%, from 1:11.30 to the current 1:10.87 somoni.
It is worth noting that Russia is Tajikistan's main trading partner, accounting for over 22% of the country's foreign trade turnover in 2024. About 95.2% of bilateral trade consists of Russian goods supplied to Tajikistan. According to the National Bank of Tajikistan, more than 90% of Tajik-Russian trade in 2024 was conducted in Russian rubles.
Russian President Vladimir Putin stated on March 17, following talks with Tajik President Emomali Rahmon in Moscow, that the two countries have almost completely abandoned the use of foreign currencies in mutual settlements, and the share of the ruble in bilateral transactions has already exceeded 97%.
