DUSHANBE, January 4, 2016, Asia-Plus – On Friday January 1, the National Bank of Tajikistan (NBT) set an official exchange rate of the U.S. dollar (USD) against the Tajik national currency, the somoni (TJS), at 1:7.1101.
The official exchange rate of the somoni against the dollar reportedly fell 33.9 percent in a year to December 31, 2015 – from 5.3074:1 on December 31, 2014 to 6.9902:1 on December 31, 2015.
As far as the cash market is concerned, the somoni reportedly lost 31.6 percent of its value against the dollar in a year to December 31, 2015 – from 5.46:1 on December 31, 2014, to 6.9902:1 on December 31, 2015.
According to indicator panels of currency-exchange points in Dushanbe, the current average market buying rate (the buying rate is the rate at which money dealers buy foreign currency) for the dollar in Dushanbe is 1:7.19 and the current average market selling rate (the selling rate is the rate at which they will sell the currency) for the dollar in Dushanbe is 1:7.21.
Meanwhile, some currency-exchange points in Dushanbe are selling the dollar at the rate of 1:7.70.
We will recall that the national currency, the somoni, sharply fell in late November last year.
Currency-exchange points in Dushanbe stopped selling U.S. dollars as the U.S. dollar reached 7.6 somoni on November 29, up from 7.00 somoni.
On November 30, the market buying rate for USD in Dushanbe fell to 1:7.4, and on December 1, the market buying rate of USD fell to 1:7.22.
Tajik central bank has said that analyses have shown that the currency-exchange points rigged rates and profited from market instability.
The government order allows only authorized banks to effect currency exchanges, which will also be limited in amount. It is reportedly possible to buy only up to 14,000 somoni without producing identification, such as a passport.
Buying and selling foreign currencies outside the authorized points will incur criminal prosecution for all parties involved.
Similar situation emerged in the country in December 2014 as well as in January and April 2015 and the national currency, the somoni, that time fell nearly 18 percent against the dollar.
Tajikistan’s central bank in April last year ordered closure of private currency-exchange points. As a result of the blanket ban on private exchange offices more than half of the country’s exchange offices – 818 out of a total 1,581 – were shuttered, leaving 763 operating. The majority of the shuttered private exchange points were later reregistered to lending agencies.
