DUSHANBE, May 10, 2011, Asia-Plus — Tajikistan has seen currency devaluation this month. The Tajik national currency, the somoni (TJS), fell 2.2 percent against the dollar — from 4.5:1 on May 1 to 4.6:1.
Last week, the currency exchange offices in Dushanbe only bought foreign currencies. “Demand for foreign currencies was high last week, but we did not have enough foreign currency for selling,” said manager of one of currency exchange offices in Dushanbe Safar Azizov, “We heard that the National Bank of Tajikistan (NBT) launched a currency intervention last week, selling up to 3,000 US dollars to each of currency exchange offices. We, however, failed to buy USD from central bank. Probably, they provided with the currency only their acquaintances as it often happens in such matters.”
Local entrepreneur who introduced himself as Bakhtiyor Hakimov said he had managed to buy a small amount in dollars at high exchange rate only through his acquaintances in one of commercial banks, because the currency exchange offices last week said that they did not have dollars.
We will recall that Tajik central bank reportedly launched a coordinated currency intervention on May 5 following seasonal shortage of the US currency in the country, a source at Tajik central bank said.
The NBT specialists believe that the currency intervention will help keep the exchange rate of the US dollar at current level. “In May, demand for the U.S. dollar increased in Tajikistan in connection with increase in imports and the process of outflow of labor migrants,” said the source at the NBT. “Labor migrants take a large mount of foreign currency with them that leads to shortage of it in domestic market and increase in its exchange rate.”
