The U.S. and Russian currencies have switched places in Tajikistan; the USD exchange rate against the Tajik national currency, the somoni (TJS), has begun strengthening, while the exchange rate of the Russian ruble (RR) against TJS has begun falling.
On July 7, the National Bank of Tajikistan (NBT) set an official exchange rate of USD against TJS at 1:10.5794 (1.2-percent increase compared to July 6, when the official exchange rate of USD against TJS was set at 1:10.4554).
It is to be noted that the trend towards an increase in the exchange rate of the somoni against the dollar and the euro had continued since mid-April.
Meanwhile, RR has reportedly lost 5.75 percent of its value against TJS over the past week. On July 7, the NBT set the official exchange rate of RR against TJS at 1:0.1671, while the official exchange rate of RR against TJS set by Tajik central bank on July 1 was 1:0.1773.
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.
