Currency, Exchange Rate, and Inflation
The somoni was introduced in 2000 to replace the Tajikistani ruble, which had been the currency since 1991. Since 2001 the exchange rate has remained relatively stable. In January 2007, some 3.21 somoni equaled US$1. In April 2011 1 US-$ is about 4,7 somoni. (Calculkated with http://www.bloomberg.com/personal-finance/calculators/currency-converter/)
Throughout the post-Soviet era, inflation has been a serious obstacle to economic growth and improvement of the standard of living. For the years 2001–3, Tajikistan’s inflation rates were 33%, 12.2%, and 16.3%, respectively, but in 2004 the rate fell to 6.8%, and the rate for 2005 was 7.1%. In late 2006, inflation approached the 10% level. The official forecast for 2007 is 7%.
Read more about this topic: Economy Of Tajikistan
Famous quotes containing the word exchange:
“So long as the law considers all these human beings, with beating hearts and living affections, only as so many things belonging to the master—so long as the failure, or misfortune, or imprudence, or death of the kindest owner, may cause them any day to exchange a life of kind protection and indulgence for one of hopeless misery and toil—so long it is impossible to make anything beautiful or desirable in the best-regulated administration of slavery.”
—Harriet Beecher Stowe (1811–1896)