The exchange rate of the Russian ruble (RR) against the Tajik national currency, the somoni (TJS), has significantly strengthened in recent days after a noticeable decline over the first ten days of this month.
In accordance with an official exchange rate set by the National Bank of Tajikistan (NBT), RR to TJS exchange rate increased from 1:0.1405 on January 10 to 1:0.1495 on January 13 (6.4-percent increase)
Volatility of the Russian national currency has been observed since early December last year, while sharp depreciation has become noticeable since December 20. During December, RR lost 11.3 percent of its value against TJS.
Local experts note that the Tajik national currency is pegged to the ruble due to Tajikistan’s strong socio-economic dependence on Russia. The dependency has increased even more last year in connection with transfer to the use of national currencies in the bilateral trade.
It is to be noted that Russia accounts for more than 30 percent of Tajikistan’s imports. Besides, remittances sent by Tajik labor migrants from Russia to banks in Tajikistan are equal to a third of the country’s gross domestic product (GDP).
