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: Tourism In Tajikistan
Famous quotes containing the word exchange:
“To coöperate in the highest as well as the lowest sense, means to get our living together. I heard it proposed lately that two young men should travel together over the world, the one without money, earning his means as he went, before the mast and behind the plow, the other carrying a bill of exchange in his pocket. It was easy to see that they could not long be companions or coöperate, since one would not operate at all. They would part at the first interesting crisis in their adventures.”
—Henry David Thoreau (1817–1862)