DUSHANBE, May 4, 2011, Asia-Plus -- The National Bank of Tajikistan (NBT) has reportedly launched a coordinated currency intervention following seasonal shortage of the US currency in the country, a source at Tajik central bank said.
The NBT specialists believe that the currency intervention will help keep the exchange rate of the US dollar at current level.
“In May, demand for the U.S. dollar increased in Tajikistan in connection with increase in imports and the process of outflow of labor migrants,” said the source. “Labor migrants take a large mount of foreign currency with them that leads to shortage of it in domestic market and increase in its exchange rate.”
According to the NBT data, the market exchange rate of the dollar against the Tajik national currency, the somoni, has risen from 1:4.48 on January 1 to 1:4.55.
In the meantime, an official exchange rate set for the US dollar by Tajik central bank has risen from 1:4.40 to 1:4.50.
Average exchange rates for the Russia ruble (RR) and the Euro have also increased since the beginning of the year. The exchange rate of RR has risen from 10:1.45 to 10:1.64 and the exchange rate of the Euro has risen from 1:5.80 to 1:6.64.
Currency intervention is the action of one or more governments, central banks, or speculators that increases or reduces the value of a particular currency against another currency.
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