DUSHANBE, April 4, 2011, Asia-Plus  -- Belarusian news agency, BelaPan, has listed Tajikistan fourth among the CIS nations in the first quarter of 2011 in terms of the national currency devaluation.

According to data from BelaPan, Uzbekistan has seen the sharpest currency devaluation over the first three months of this year.  The Uzbek national currency, the sum, has fallen 2.5 percent against the dollar in January-March 2011 (from 1,640 to 1,681:1).

Armenia, Belarus, Tajikistan and Kyrgyzstan were also among the five top five nations in terms of the national currency devaluation over the report period.  The Armenian national currency, the dram, has fallen 1.72 percent against the dollar -- from 363.44:1 to 369.68:1; the Belarusian ruble has fallen 1.5 percent – from 3,000:1 to 3,045:1; the Tajik national currency, the somoni, has reportedly fallen 1.41 percent – from 4.4031:1 to 4.4652:1; and the Kyrgyz national currency, the som, has fallen 0.31 percent – from 47.0992:1 to 47.2448:1.

We will recall that in 2010, Tajikistan was ranked ninth among the former Soviet republics in terms of the national currency devaluation.  The Tajik national currency, the somoni, reportedly fell 0.73 percent against the dollar last year – from 4.371:1 to 4.4031:1, BelaPan reported on January 4.

According to the National Bank of Tajikistan (NBT), Tajikistan’s currency market now consists of three segments: inter-bank currency market; intra-bank market; and market of purchase/sale of foreign currencies through the currency exchange offices.

Tajikistan’s money policy is based on a managed floating exchange rate or fluctuating exchange rate regime wherein a currency''s value is allowed to fluctuate according to the foreign exchange market.  In cases of extreme appreciation or depreciation, Tajik central bank normally intervenes to stabilize the currency.