DUSHANBE, February 7, Asia-Plus – Over the last several days, the USD/TJS (Tajik currency somoni) market exchange rate has dropped from 3.51 to 3.46 (TJS per USD). Meanwhile, the USD/TJS official exchange rate remains the same – 3.44.
According to the National Bank of Tajikistan (NBT), the fall in the USD/TJS market exchange rate has resulted from increase in demand for local currency. A source at Tajik central bank added that people now prefer to deposit their funds in banks in local currency.
On the fall in the USD/TJS market exchange rate, the source said, “It most likely has a seasonal character and it is one of market mechanisms.”
“Somoni is a free-floating currency and its exchange rate is allowed to vary against that of other currencies and it is determined only by the market forces of supply and demand,” the source said, noting that the government does not control the exchange rate of national currency.
Asked about the official exchange rate that has not changed since last week, the Asia-Plus interlocutor said that the USD/TJS official exchange rate usually decreases, following drop in the market exchange rate. “The USD/TJS official exchange rate is expected to have reduced by the end of this week,” the source said.
We will recall that USD/TJS exchange rate in 2006 increased by 7.1 percent, from 3.18 in the beginning of the year to 3.42 on December 25. Specialists from tajik central bank that time said that negative trade balance was the main reason for increase in the exchange rate of USD in Tajikistan. High inflation rate also affected somoni last year.
The somoni is divided into 100 diram. On October 30, 2000, the somoni replaced Tajikistani ruble, at the rate of 1 somoni = 1,000 rubles. The initial rate of exchange of the new currency was set at 2.2 Somoni for US$1.00.
