The exchange rates of the dollar (USD) against the Tajik national currency, the somoni (TJS), is continuing to decline.
On June 23, the National Bank of Tajikistan (NBT) set an official exchange rate of USD against TJS at 1:10.5824, while on June 22, official exchange rate of USD against TJS was set at 1:10.6021 (0.2-percent decrease).
Meanwhile, the current commercial buying exchange rate of USD against TJS fluctuates from 1:9.7 to 1:9.8 and its current commercial selling exchange rate against TJS fluctuates from 1:10.10 to 1:10.20.
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.
In the gray market, the buying exchange rate of USD against TJS is 1:10.00, and its selling exchange rate against TJS fluctuates from 1:10.30 to 1:10.40.
On June 23, the official exchange rate of the euro against the somoni was set at 1:11.17, while on June 22, it was 1:11.18 (0.2-percent decrease).
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.
As far as the official exchange rate of the Russian ruble (RR) against the somoni is concerned, on June 23, it was set by the NBT at 1:0.1775 (0.17-increase compared to June 22, when it was set at 1:0.1772).
The current commercial buying exchange rate of RR against TJS fluctuates from 1:0.160 to 1:0.177, and its current commercial selling exchange rate against TJS fluctuates from 1:0.173 to 1:0.1825.
In the gray market, the buying exchange rate of RR against TJS is 1:0.172, and its selling exchange rate against TJS is 1:0.174.
A sharp volatility in the foreign exchange market of Tajikistan has been observed after imposition by the Western countries of sanctions on the Russian Federation due the so-called “special military operation” launched by Russia in Ukraine on February 24.
Experts note that because of a strong socio-economic dependence of Tajikistan on Russia, the somoni is actually pegged to the Russian ruble, and what will happen to the Russian currency after a certain time will affect the Tajik currency.
Despite the fact that USD exchange rate against TJS has fallen, prices for particular products have skyrocketed in Tajikistan
Users of social media networks, for example, complain that wheat flour has gone up by more than 35 percent.
They note even during the high season of vegetables and fruits, their prices do not fall; but on contrary, they rise. Compared to last year, fruit prices this year have reportedly risen 1.5-2 times.
