IMF views exchange rate flexibility as key for Tajikistan’s economic growth

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.