The exchange rate of the Russian ruble (RR) against the Tajik national currency, the somoni, is gradually declining.
Last week, the official exchange rate of the Russian ruble (RR) against the somoni set by the National Bank of Tajikistan (NBT) has increased: from 1:0.1725 on May 24 to 1:0.173 on May 27 (0.5-percent increase).
The grey market buying exchange rate of RR against TJS at the end of last week was 1:0.18 and its grey market selling exchange rate against TJS was 1:0.183.
The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell that currency.
Meanwhile, the official exchange rate of RR against TJS set by the NBT on May 30 was 1:0.1675 (almost 3.2-percet decline compared to May 27).
Tajik entrepreneurs engaged in supplying goods from the Russian Federation to Tajikistan say rise in the exchange rate of RR against TJS leads to increase in prices for goods delivered from Russia.
“Let's say if we had previously purchased any product in Russia for 100 Russian rubles, which was equal to 14.00-15.00 somonis, and taking into account travel expenses and margins, we had sold it in Tajikistan for 17.00-18.00 somonis, now we have to buy the same product in Russia for an amount equal to 17.00-18.00 somonis. That is, products imported from Russia are becoming more expensive for the final buyer,” an individual entrepreneur Bakhtovar told Asia-Plus in an interview Monday afternoon.
“This is not good both for businesses and consumers,” said the entrepreneur. “Due to the fact that the prices of products rise, the demand for them falls and this is not good for us. And it is unprofitable for consumers to pay more for the goods.”
Meanwhile, the exchange rate of the dollar (USD) against TJS has not changed since the end of the last week. The dollar has lost 4 percent of its value against the somoni last week: the official exchange rate of USD against TJS set by the NBT decreased from 1:11.80 on May 24 to 1:11.40 on May 27.
Compared to last week, the euro strengthened slightly. The official exchange rate of the euro against the somoni set by the NBT increased from 1:12.19 on May 27 to 1:12.20 on May 30.
It is to be noted that the trend towards an increase in the exchange rate of the somoni against the dollar and the euro has continued since mid-April.
