Tajikistan Intervenes To Maintain Currency Rate

DUSHANBE -- Tajik National Bank Governor Sharif Rahimzoda said the bank recently intervened in order to maintain the somoni's rate of 3.7 against the dollar, RFE/RL's Tajik Service reports.

Rahimzoda said plummeting prices for cotton, aluminum, and a decrease in the amount of money sent by Tajik migrants from abroad has put pressure on the Tajik economy.

He added that Tajikistan's gold and money reserves decreased by $180 million in 2008 and that the bank now has reserves of $198 million.

Rahimzoda said that last year Dushanbe paid $300 million in debts to Germany's Deutsche Bank and Kazakhstan's KazKommertsBank.

He also noted that Tajikistan paid $30 million of its debt to international financial institutions such as the IMF and the World Bank.