Over 90% of Tajik-Russian two-way trade in 2024 was conducted in the Russian rubles, the Chairman of the National Bank of Tajikistan (NBT), Firdavs Tolibzoda, told reporters in Dushanbe on February 12.
He pointed out that in 2021, approximately 50% of trade between the two countries was carried out in rubles, while the other half was in U.S. dollars.
According to Tolibzoda, Tajik banks, in an effort to reduce risks, aim to work with those Russian banks that are not under sanctions.
It is worth noting that the trend of gradually moving away from the dollar in favor of the ruble in bilateral trade began after the onset of the armed conflict in Ukraine and the sanctions imposed by the collective West against Russia. Since then, over the past three years, there has been no dollar shortage at currency exchange points in Tajikistan, as was the case in previous years.
According to the Agency for Statistics under the President of Tajikistan, the total volume of Tajikistan’s bilateral trade with Russia in the past year valued at US$1.982 billion, a 15.6% increase compared to 2023.
About 95.2% of the bilateral trade consists of imports of Russian goods into Tajikistan.
Tajikistan's exports to Russia amounted to just over US$96 million.
Tajikistan imports various goods and products from Russia, including essential items such as petroleum products.
From Tajikistan, mainly vegetables, fruits, and some mineral products (ores and concentrates) are exported to Russia.
Russia remains the leader in Tajikistan's foreign trade, although in recent years, China has come close. In 2024, Russia's share of Tajikistan's foreign trade turnover was 22.1%, while China's was 21.8%.
The growth in the bilateral trade with China in the past year reached 30.1%, nearly double the rate of growth in trade with Russia.
