As of January 1, 2022, Tajikistan’s international reserves have exceeded seven months of import cover, the head of the National Bank of Tajikistan (NBT), Hokim Kholiqzoda, told reporters in Dushanbe on February 2.
“Despite the fact that we have been forced to take efforts to maintain a stable value for the national currency, the somoni, our international reserves have increased compared to the previous years,” Kholiqzoda noted.
International reserves are funds central banks exchange with each other on an international level. The reserves can either be in gold or in an internationally-accepted commodity, like the dollar or the euro.
The exchange rate of the somoni against the dollar remains almost the same for the second year – 11.3:1.0
Countries hold foreign-exchange reserves partly to protect themselves against external crises. One common rule of thumb is that reserves that can cover three months' worth of imports are adequate.
Recall, the first deputy head of Tajikistan’s regulator, Jamoliddin Nouraliyev, told reporters on July 22, 2021 that as of July 1, 2021, Tajikistan’s international reserves have amounted to 7½ months of import cover. According to him, foreign currencies have accounted for 92 percent of the country’s international reserves and gold has accounted for 5.0 percent.
Tajikistan has sold gold abroad to maintain a stable value for the national currency. Over the first six months of the last year, precious and semi-precious metals and stones accounted for more than 68 percent of the country’s exports.
Meanwhile, according to information posted on Goldmania.ru’s website, Tajikistan has reportedly lost 65 percent of its gold reserves over the past three years
Goldmania.ru, citing the World Gold Council, notes that Tajikistan’s gold reserves decreased from 22.3 tons in 2019 to 8 tons in 2021.
Monetary gold is gold held by a monetary authority principally as an element of its foreign exchange reserves (also sometimes called international reserves). Gold bullion can take the form of coins, ingots, or bars with a purity of at least 995 parts per 1000, including such gold held in allocated gold accounts.
