Review of changes in policy and practice of exchange rate determination of US dollar

With a view of explanation of new order of fixing of purchase and sale rate of US dollar in domestic market, the National Bank of Tajikistan informs the following:

It should be noted that exchange rate determination of US dollar by the National Bank of Tajikistan was necessary during period when exchange bureaus of individuals, using instability of the market and exchange rate with a view of maximum benefit unreasonably has raised purchase and sale rate of US dollar.

Currently, the world markets are under pressure, facing with exchange rate fluctuations and in such conditions their central banks taking into account situation make changes to monetary policy.

In this regard, today's situation of the currency market of republic differs from situation in March - April of current year. Individuals’ exchange bureaus have been closed and exchange operations in republic are carried out through credit institutions’ establishments. Now, domestic market condition remains stable, change of exchange rate is estimated as stable. Transition to the new order of fixing exchange rate is carried out gradually and credit institutions take into account change of official exchange rate of Somoni in relation to US dollar, independently should fix purchase and sale rate of US dollar in their establishments. In this connection, credit institutions can independently fix exchange rate of US dollar and difference from official exchange rate make 1,5 %.

For example, on Monday October 26, 2015 exchange rate of US dollar should not exceed TJS 6,7076 for 1 US dollar (6,6085 +1,5 % = 6,7076).

The purpose of introduction of new mechanism first of all consists in reduction of rate difference, prevention of substantial difference of incomes from speculative operations, regulation and maintenance of transparency of exchange activity of credit institutions and gradual transition to unique system of the exchange rate.

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NBT