The official exchange rate of the Russian ruble (RR) against the Tajik national currency, the somoni (TJS), decreased by nearly 4.6% over the past two days — from 1:0.13 on November 27 to 1:0.0988 on November 29.
Thus, since the beginning of the current month, the Russian currency has lost 11.97% of its value against the somoni, and since the beginning of the year, it has lost 20.87% of his value against the Tajik national currency.
The devaluation of the ruble against the somoni is happening in parallel with its depreciation against the currencies of other countries, including the US dollar. According to the Central Bank of Russia, 1 dollar was worth 108.0104 rubles on November 28, compared to 105.0604 rubles on November 27.
It should be noted that the ruble’s depreciation against the somoni negatively impacts the incomes of families of Tajik labor migrants who receive money transfers in rubles. More than 90% of such transfers are made in rubles.
Since 2016, under the directive of the National Bank of Tajikistan, emittances in RR to individuals in the country are issued exclusively in the national currency.
Meanwhile, TASS reported yesterday that Russian President Vladimir Putin says the ruble exchange rate situation is under control and there is no reason for panic.
"Overall, in my view, the situation is under control. And there is absolutely no reason for panic. Yes, the processes are difficult in our country and in neighboring countries, but they are under control, everything is going according to plan," the Russian leader was cited as responding to journalists' questions.
He noted that fluctuations in the ruble exchange rate are influenced by many factors. “As for the ruble exchange rate, this is connected with budget payments, oil prices, and many seasonal factors,” the president explained.
TASS reports that in November, currency exchange rates reached their highest values since March 2022. On November 27, the yuan nearly reached 15.16 rubles, having risen 6.44% in a week. The dollar on the Forex market (ICE, composite index of several forex brokers) reportedly reached 114.54 rubles, and the euro reached 120.6 rubles.
Experts noted the reasons for this volatility, including demand for currency exceeding supply, the US decision to include a number of banks, including Gazprombank, in the SDN list, and a decrease in foreign currency earnings due to low oil prices last summer.
Newsweek sys the Russian currency, the ruble, has plunged to its lowest rate against the U.S. dollar since the start of Vladimir Putin's full-scale invasion of Ukraine as sanctions continue to hurt his country's economy. The ruble is reportedly expected to weaken further with the beginning of the winter holiday season as companies import more goods to meet consumer demand.
The freefall follows the U.S. Treasury Department's announcement on November 21 of sanctions on dozens of Russian banks, which had been widely used for international payments. Among them was Gazprombank, which the U.S. had previously avoided to allow European countries to continue paying for Russian gas supplies, the Financial Times reported. Losing this channel could mean a further decrease in revenues from gas, which has been the hardest-hit export for Russia.
Sanctions have made it harder for Russian businesses to deal with international payments and the latest measures could see Russia's trade balance worsen, pushing down the ruble further. Purchasers of Russian gas and oil will need to find other ways to make payments, which could take time, the Financial Times reported.
