DUSHANBE (TCA) — An equivalent of up to US $50 million may be lost by Tajik families that receive money remittances from their relatives working in Russia and which are sent in Russian rubles, Avesta news agency reported.
The National Bank of Tajikistan has instructed the country’s financial organizations, starting from February 2, to disburse remittances sent to Tajikistan in rubles in the national currency, the somoni. The new rule concerns Russian rubles only and is not applicable to remittances in other currencies.
In January the National Bank head said that 95 percent of all remittances come to Tajikistan in Russian rubles. He also said that last year, remittances in dollars fell by a third while remittances in rubles grew 3 percent, amounting to around 133 billion rubles.
Today, the official exchange rate of the Russian currency in Tajikistan is 0.1028 somoni per one ruble, while on the black market one ruble sells for 0.105 somoni (in the north of Tajikistan) up to 0.106 somoni (in the capital Dushanbe).
It means that due to the difference of exchange rates, recipients of money remittances may lose 2.1-3 percent of the amounts sent.
Based on last year’s remittance statistics from the National Bank, in monetary terms losses of remittance recipients in Tajikistan (or benefits of the banking sector) due to the exchange rate difference may amount to 2.8 billion-4 billion rubles ($35 million-$50 million) per year.
