DUSHANBE, December 16, 2014, Asia-Plus — The National Bank of Tajikistan (NBT) notes that Tajikistan must raise its export potential in order to strengthen the rate of its national currency, the somoni.
“It is necessary to take other measures such as increasing production of competitive products and raising the country’s export potential alongside continuation of the current currency policy,” a statement released by Tajik central bank says.
The NBT also points to the necessity of supporting domestic producers through restricting import of products that are manufactured in the country itself.
Meanwhile, specialists from Tajik central bank attribute depreciation of the somoni against the dollar to external factors, including global political, financial and economic crisis and deterioration of the financial and economic situation of Russia, which is the major training partner of Tajikistan.
Another factor affecting the somoni rate is rise in imports, Tajik central bank said
It is to be noted that the somoni has lost approximately nine percent of its value against the dollar this year.
The World Bank report,
Tajikistan: Moderated Growth, Heightened Risks
, notes that supported by Tajik central bank’s interventions, the Tajik national currency, the somoni, depreciated less than other regional currencies, but the scope for interventions is limited because reserves are low. Continued weakening of regional currencies will heighten the pressure on somoni, the report says.
