The National Bank of Tajikistan, the sole regulator of the country’s exchange rate, has officially set the exchange rate of the Russian ruble to the national currency, somoni, at 0.0963, meaning that for 1000 Russian rubles, 96 somoni and 30 dirams are offered. Last week, 1000 Russian rubles were equal to 101 somoni and 30 […]
The National Bank of Tajikistan, the sole regulator of the country’s exchange rate, has officially set the exchange rate of the Russian ruble to the national currency, somoni, at 0.0963, meaning that for 1000 Russian rubles, 96 somoni and 30 dirams are offered.
Last week, 1000 Russian rubles were equal to 101 somoni and 30 dirams.
On other currency exchange websites, the ruble’s rate is shown even lower – 95 and even 94 somoni for 1000 rubles.
Since the beginning of the year, the ruble’s exchange rate has fallen by almost 20 percent compared to the national currency. In January, 1000 Russian rubles were offered for 121 somoni and 70 dirams.
The decline in the Russian ruble is primarily linked to the strengthening of the US dollar. Since the beginning of November, the ruble has fallen by almost 8% against the American currency.
The Central Bank of Russia has set the exchange rate of the US dollar at 105.0604 rubles per 1 dollar. However, the real exchange rate is 113.25 rubles to the US dollar.
Experts have calculated that the fall of the ruble will negatively impact the welfare of labor migrants and their families, who support their families through earnings in Russia.
According to unofficial data, more than 1.5 million citizens of Tajikistan live and work in Russia. The majority of money transfers from Russia are made in rubles. Russia accounts for over 90% of the foreign currency transferred to Tajikistan.
Recently, for the first time, the authorities of Tajikistan acknowledged that in 2022, migrants transferred more than 5 billion 220 million dollars to Tajikistan, which is equal to 49.2 percent of the gross domestic product (GDP).