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:
“Let every woman ask herself: “Why am I the slave of man? Why is my brain said not to be the equal of his brain? Why is my work not paid equally with his? Why must my body be controlled by my husband? Why may he take my labor in the household, giving me in exchange what he deems fit? Why may he take my children from me? Will them away while yet unborn?” Let every woman ask.”
—Voltairine Decleyre (1866–1912)