Tajikistan Sees Further Drastic Slide in Currency
Tajikistan’s Finance Ministry has conceded that the national currency will continue to lose value, although it only expects it to happen gradually, over the coming three years.
Reuters reported on July 14 that Finance Ministry forecasts, drawn up as part of budget planning, see the somoni slipping from its current 7.9 to the dollar to 9.6 in 2017, 10.4 in 2018 and 11.2 in 2019. Inflation for those years is seen at 7 percent.
“This is just a forecast. There will be no devaluation. The rate depends on many factor, mainly external ones, and indicators of the gold and currency reserves,” a National Bank source told Reuters.
External factors indeed.
Russia’s Central Bank announced in March that the amount of money transferred to Tajikistan last year has fallen almost 67 percent, from $3.8 billion in 2014 to $1.28 billion last year. The figure in 2013 was $4.16 billion.
Still the National Bank appears bullish about the prospects.
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