Tajikistan Somoni

Overview

The Somoni is the currency of Tajikistan. It is named after the father of the Tajik nation, Ismail Samani. The Somoni was put into circulation on October 30, 2000 to replace the Tajikistani Ruble at the rate of 1 Somoni = 1,000 Rubles. The Somoni is subdivided into 100 dirams.

Economy

• The Tajikistani economy has been greatly weakened by six years of civil conflict and the resulting loss of markets for its products.
• Tajikistan depends on international humanitarian assistance for much of its basic subsistence needs. Even if the peace agreement of June 1997 is honored, the country faces major problems in integrating refugees and former military personnel into the economy.
• In 2006, the per capita GDP of Tajikistan was 85% of the 1990s level.
• The population has increased from 5.3 million in 1991 to 7.3 million in 2009.
• Despite resistance from vested interests, the government of Tajikistan has continued to pursue macroeconomic stabilization and structural reforms since 2000.

History

• Somoni banknotes in circulation are denominated in 1, 5, 20, and 50 dirams and 1, 5, 10, 20, 50, and 100 Somoni.
• The Somoni replaced the Tajikistani Ruble, which had been the currency since 1991.
• Since 2001, the exchange rate has remained relatively stable. In January 2007, 3.21 Somoni = 1 USD.
• From 2001–2003 Tajikistan’s inflation rates were 33 percent, 12.2 percent, and 16.3 percent, respectively.
• In 2004 the rate fell to 6.8 percent, and the rate for 2005 was 7.1 percent.