Following Belarus, Tajikistan has faced a shortage of cash dollars, after increasing the value of the dollar against the local currency. The National Bank of the country considers foreign currency deficit as "seasonal" and has announced about the foreign exchange intervention to resolve the situation on the market.
As explained in the National Bank of Tajikistan, drop in the exchange rate will be achieved by selling a large amount of currency and purposeful reduction of the deficit in the foreign exchange market. The National Bank did not specify the extent of the dollar intervention, «Interfax-Kazakhstan.»
According to the National Bank of Tajikistan, the dollar highest demand was in May, as this time was characterized by greatly increased imports and the outflow of migrant workers from the country, taking a large amount of foreign currency. This causes a shortage of foreign currency on the domestic market and, consequently, the growth of currency rate. «We’re working to make a difference between supply and demand not so obvious,» the National Bank.
Dollar rate, set by the National Bank of Tajikistan on May 4, is 4.50 TJS, market the dollar exchange rate — an average of 4.55 TJS. In April, the Ministry of Finance and National Bank predicted the official dollar exchange rate of TJS 4.48 per dollar.
Average exchange rates for transactions with the Russian ruble and the euro in Tajikistan have also increased: RUB10 — TJS 1.64-1.66, €1 — TJS 6.64-6.67 (early in the year €1 was equal to TJS 5.80 -5.9, RUB10 — TJS 1.45 — 1.465).
As Telegraf previously reported, similar situation was observed in Belarus in March — April 2011. Due to excessive demand for foreign currency National Bank was forced to limit the dollar sales. This, in turn, made the Belarusians actively buy gold and other precious metals. In addition, due to the increased demand for foreign currency, market dollar rate was significantly different from the official rate of the National Bank. This was caused by the National Bank’s deregulation of exchange rates in the OTC market for legal persons.
