DUSHANBE, Tajikistan, January 21. The International Monetary Fund (IMF) views greater exchange rate flexibility as important in helping Tajikistan adjust to large financial inflows and strengthen its resilience to external shocks, Trend reports via the IMF.
According to the IMF, the somoni appreciated by 18 percent against the US dollar from January to October 2025, reflecting increased demand for the national currency amid sizable financial inflows and reduced foreign exchange interventions by the National Bank of Tajikistan (NBT).
Furthermore, the fund recommends that the NBT continue limiting FX operations to prevent disorderly market conditions in order to support the development of the foreign exchange market and enhance the exchange rate’s role as a shock absorber.
During the program, the NBT implemented several measures to modernize the domestic FX market, including discontinuing auctions of inward ruble transfers, improving the execution mechanism for public sector FX transactions, enhancing the dissemination of exchange rate information, and introducing price-based auctions for FX interventions.
Meanwhile, the IMF also notes that the NBT updated procedures for calculating official exchange rates and remittance transfer rates to better reflect market conditions.