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NBT Urges Credit Institutions to Help Stabilize Somoni

Thursday 5 July 2018

DUSHANBE (Avesta news agency) — According to the national bank of the country (NBT), Tajik bankers discussed the issues of ensuring the stable operation of the domestic foreign exchange market and the stability of the national currency. The official exchange rate of the Tajik currency against the US dollar has decreased by 4.1% since the beginning of this year — from 8.8126 somoni to 9.1763 somoni for one dollar.

The regulator encourages credit institutions to make efforts to ensure the stability of the national currency at the right level.

In turn, representatives of credit organizations said they are trying to ensure the stability of the currency market to a certain extent, on a daily basis, meeting the needs of customers in foreign currency.

The director of the department, Olim Kayumov, noted that the improvement of the population’s well-being and development of the real sector of the economy directly depends on the activity of the domestic foreign exchange market. He stressed that the NBT’s currency policy has achieved a certain stability of the Tajik somoni exchange rate to foreign currency.

According to Kayumov, the NBT currently adheres to the exchange rate policy in the regime of “floating regulated, without defining and announcing the boundaries of exchange rate changes.”

Representatives of the NBT consider the situation in the foreign exchange market as more moderate in comparison with previous years.

At the meeting, it was noted that to prevent the activity of unofficial currency markets, there are permanent groups of employees of the General Prosecutor’s Office and the NBT, who stop illegal currency operations.

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