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Tajikistan’s rupee reached eight-month highs

The US dollar has continued to strengthen in Tajikistan against the local currency over the past week.

Each dollar, at the official rate of the National Bank of Tajikistan, today, February 28, is exchanged for 10.92 somoni, while a week ago (February 21) this figure was 10.68 somoni.

Thus, over the past week, the American currency has risen in price against the somoni by 2.2%. 

Since January 1 this year, the dollar has strengthened against the Tajik currency by 7% – from 10.2 to 10.92 somoni (per $1).

More moderately, the Tajik currency has depreciated since the beginning of the year also against the euro (by 5.9%, from 10.92 to 11.56 somoni per €1) and the Chinese yuan (by 5.4%, from 1.49 to 1.57 somoni). for Y1).

Meanwhile, the ratio of somoni to the Russian ruble has remained unchanged over the past week: every 1,000 rubles today is exchanged for 144.5 somoni, just like a week ago.

Also, the current exchange rate of the somoni against the ruble is practically at the same level compared to the exchange rate of these two currencies as of January 1 of the current year.

The Russian currency, which, to a certain extent, affects the exchange rate of the somoni due to close trade and economic ties between the two countries, depreciated in February against the dollar by almost 7%.

Bogdan Zvarich, chief analyst at Banki.ru, attributes the weakening of the ruble’s position to an increase in demand for foreign currency for imports and a reduction in foreign exchange receipts from exporters due to sanctions and lower prices on commodity markets.

He predicts further balance shifts in favor of foreign currencies, which will be reflected in the dynamics of the ruble in March.“Under the current circumstances, the national currency in the first half of March may continue the wave of weakening, as a result of which the dollar, euro and yuan will reach new local highs,” Zvarich believes.

Recall that in 2022, the Tajik currency strengthened in an unprecedented way against the most demanded foreign currencies in the republic, which are in the structure of the country’s gold and foreign exchange reserve.

Thus, the official exchange rate of the somoni against the dollar last year increased by 9.4%, against the euro – by 14.8%, against the yuan – by 16.2%, and against the ruble – by 3.7%.

source: asiaplustj