DUSHANBE, December 19, 2008, Asia-Plus — A sharp increase in exchange rate of US dollar to somoni has been reported in all currency exchange offices in Dushanbe in recent days.
Over the past couple of days, the exchange rate of USD to somoni in Dushanbe’s currency exchange office has increased from 1:3.43 to 1:3.47.
An official exchange rate of USD to somoni set by the National bank of Tajikistan (NBT) has also increased from 1:3417 on December 18 to 1:34.19.
According to Tajik central bank, nothing serious has happened because the currency rate as one of macroeconomic indicators under conditions of the market economy is subject to frequent change.
On the sharp increase of the exchange rate of USD to somoni in the currency exchange offices, the central bank source noted that it was natural and normal phenomenon giving the exchange offices an opportunity to maintain their activities on market.
In the meantime, local expert Poulod Nasimov told Asia-Plus today that Tajik banks now practically do not have enough currency aggregates as pouring of currency from abroad has been decreasing. “The global financial crisis has resulted in jobs in Russia decreasing. As jobs in Russia have decreased, the flow of remittances into Tajikistan has seen a corresponding decrease,” said Nasimov, “In the meantime, labor migrants’ remittances have allowed maintaining the country’s currency reserve.”
He also named decrease in prices and demand for aluminum and cotton that are the main items of Tajikistan’s exports as another factor that has contributed to the currency crisis in the country.
The expert stressed that it was just the beginning of Tajikistan suffering from the financial crisis effects, noting that the government should take urgent measures to mitigate those effects.
According to him, to thoroughly study emerging situation the government should provide “financial intelligence in order to reduce outflow of capital from the country. “While the country is experiencing an acute shortage of currency some our fellow-citizens are actively sending money abroad,” said Nasimov, “It is not secret that many of so-called “new Tajiks” are using currency for purchasing expensive cars as well as apartments and villas in other states.”
It is also necessary to reduce expenditures on purchase of not so vital goods such as various expensive equipment and other “luxurious trinkets” abroad, the expert said.
