Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Thursday, August 24, 2017

Tajikistani's somoni weakens against U.S. dollar

The exchange rate of Tajikistan's somoni weakened against the U.S. dollar for the week ending Oct. 25, with the average rate at 4.879-4.898 TJS, according to the National Bank of Tajikistan.

The average rate of the U.S. dollar in the exchange bureaus of Dushanbe was 4.88-4.90 TJS. In Khujand and Kurgan, it was TJS 4.89-4.90 and in Kurgan-Tube it was 4.88-4.90 TJS.

The somoni was introduced in 2000 to replace the Tajikistani ruble that had been the currency since 1991.

Since 2001, the exchange rate has remained relatively stable. In January 2007, $1 was worth approximately 3.21 somoni, and in April 2011 $1 was worth approximately 4.7 TJS.

Throughout the post-Soviet era, inflation has been a serious obstacle to economic growth and improvement of the standard of living in Tajikistan.

In 2001-3, Tajikistan's inflation rates were 33 percent, 12.2 percent and 16.3 percent, respectively, although in 2004 the rate fell to 6.8 percent, and the rate for 2005 was 7.1 percent. In late 2006, inflation approached the 10 percent level.