DUSHANBE, January 10, 2009, Asia-Plus — Tajik central bank is seriously concerned over a recent sudden fall in the somoni exchange rate against the US dollar and is taking efforts to adjust the exchange rate.
Speaking at a January 9 enlarged meeting of the Ministry of Economic Development and Trade (MoEDT), the head of the National Bank of Tajikistan (NBT) Sharif Rahimzoda said that central bank intends to sell 1 million US dollars to strengthen the national currency exchange rate.
According to him, the country’s currency reserves reduced through the last year from 350 million US dollars to 198 million US dollars.
“To strengthen the somoni exchange rate the NBT should sell up to 235 million US dollars per month; however, we currently do not have an opportunity to do this,” central bank head said, noting that dollar shortages in the country resulted from the ongoing global financial crisis.
“The global financial crisis that has resulted in labor migrant remittances decreasing has also caused decrease in profit from Tajikistan’s exports,” Rahimzoda said.
He added that aluminum production had decreased by 18,000 tons and production of cotton fiber had decreased by 35,000 tons. Moreover, world prices of these goods fell by 50 and 40 percent respective, according to him.
These rate falls reported over the past several months have resulted in Tajikistan receiving foreign currency $120 million less, central bank head noted.
It is to be noted that unofficial USD exchange rate rose 5.7 percent in Dushanbe in four days to January 9, increasing from 3.45 on January 5 to 3.65 on January 9, with similar exchange rate rises in other parts of the country.
