The dollar (USD) has lost 1.1 percent of its value against the Tajik national currency, the somoni (TJS), over the past week.
The official exchange rate of USD against TJS set by the National Bank of Tajikistan (NBT) decreased from 1:10.42 on May 13 to 1:10.31 on May 21.
The gradual weakening of the US dollar against the somoni has been observed since mid-April, when the dollar traded at 10.9 somoni. Between May 5 and May 13, the exchange rate remained relatively stable within the range of 10.40 to 10.42 somoni per dollar, before the downward trend resumed on May 14.
Since the beginning of 2025, the dollar has lost 5.7 percent of its value against the somoni, falling from 1:10.93 to 1:10.31.
Earlier this month, the NBT attributed the dollar’s decline to a combination of external and internal factors. According to the financial regulator, external influences include the volume of foreign currency inflows into the country, global geopolitical and economic events, and monetary policy adjustments by central banks of major world powers.
Particularly significant is the fluctuation of the Russian ruble against the US dollar, driven by changes in energy prices, trade tensions, and instability in regional and global financial markets, the NBT experts said.
On the domestic front, the NBT highlighted changing demand for foreign currency in the internal market and the banking system’s effectiveness in meeting the foreign currency needs of legal entities and individuals.
The National Bank also noted that both external and internal factors are subject to seasonal fluctuations, which affect their impact on the somoni’s exchange rate at different times.
Under the “Main Directions of Monetary Policy of the Republic of Tajikistan for 2025 and the Medium Term,” the NBT’s exchange rate policy is based on a managed floating regime without fixed fluctuation limits.
The official somoni exchange rates against foreign currencies are formed based on market supply and demand within the domestic foreign exchange market. Regulatory interventions are exceptional and conducted only when objectively necessary.
