Since the beginning of this year, the official exchange rate of the Tajik national currency (TJS), the somoni, against the U.S. dollar (USD) and the euro (€) has been decreasing.
According to data from the National Bank of Tajikistan (NBT), TJS has lost 1.8 percent of its value against USD since January 1, 2023.
The exchange rate of TJS against USD reportedly dropped from 10.2:1 on January 1 to 10.38:1 on February 10.
Over the reporting period, TJS has lost 2.9 percent of its value against €.
The exchange rate of TJS against € reportedly dropped from 10.92:1 on January 1 to 11.18:1 on February 10.
Meanwhile, the exchange rate of TJS against Russian Ruble (RR) has increased over the reporting period.
According to data from the national financial regular, the exchange rate of TJS against RR increased from 0.144:1 on January 1 to 0.142:1 on February 10 (1.4-percent increase).
It is to be noted that 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.
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).
Meanwhile, the exchange rate of RR against USD and € on February 9 dropped to 73:1 and 78:1, respectively. Russian experts predict that this trend will continue until the end of February.
