Tajik National Bank carries out currency intervention
Saturday 13 August 2011
DUSHANBE (Asia-Plus) – National Bank of Tajikistan has conducted another currency intervention to regulate US dollar deficit in the country.
- 5 somoni obverse and reverse.
On August 10th market rate of the US dollar in exchange offices climbed to 4 Somoni 89 dirhams and on August 11th it fell down to 4,81-4,83 Somoni, the Tajik central bank said.
“Currently we are not authorized to announce the total amount of the recent currency intervention. There is a rapid change in currency rates at global markets. This difference affects Tajik Somoni and Tajik National Bank is trying to avoid any rapid changes,” the source said.
According to the source, US dollar deficit is mainly caused by the economy’s attempts to diversify its currency assets from one currency to another.
Tajik central bank is confident that the situation will be stabilized by this weekend. In May this year Tajik National Bank has already carried out one currency intervention worth US$ 22 million using the country’s currency and gold reserves.
This is a well planned action of the Tajik National Bank when it reduces foreign currency deficit and rate through sale of major portion of foreign currency. The previous deficit of US dollar at the national market was caused by the outflow of labour migrants and when export was dominated by import.