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Europe, Forex

Tajikistan weakens currency under market pressure

DUSHANBE, Aug 20 (Reuters) – The official rate of the Tajik somoni fell 2.7% against the dollar on Tuesday, the biggest adjustment in more than two years which the central bank said was due to pressure from the market.

Tajikistan’s economy depends heavily on remittances from migrant labourers working in Russia, making it sensitive to the movements of the Russian rouble which hit a six-month low on Monday.

Tajikistan’s central bank set the official somoni rate at 9.70 per dollar on Tuesday, down from 9.44 a day earlier.

Two other Central Asian nations, Uzbekistan and Kazakhstan, have also seen their currencies slide against the dollar over the last few months, and Uzbekistan’s central bank said this month it would allow greater daily exchange rate fluctuations. (Reporting by Nazarali Pirnazarov Writing by Olzhas Auyezov; Editing by Subhranshu Sahu)

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