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Tajikistan Struggles to Defend Sinking Currency

Tajikistan’s National Bank has ordered the immediate closure of private currency exchange offices, a move that suggests Dushanbe is concerned about the somoni’s sharp depreciation. The currency has fallen 14.5 percent against the dollar this year as remittances from Russia slow.
 
The National Bank cited the need to assure the “stability” of Tajikistan’s currency market and the somoni exchange rate and “the protection of the interests of clients of credit organizations,” in a terse statement issued on April 17 announcing the closures with immediate effect.
 
The blanket ban on private exchange offices means more than half of the country’s exchange offices – 818 out of a total 1,581 – are being shuttered, leaving 763 operating, according to National Bank figures cited by Dushanbe-based Asia-Plus news agency.
 
With plenty of currency offices still working, the closures sparked little panic in Dushanbe, an observer in the city told EurasiaNet.org on condition of anonymity.
 

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Tajikistan Struggles to Defend Sinking Currency

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