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By the end of 2024, more than 90% of transactions in Tajikistan-Russia trade were conducted in Russian rubles, according to Firdaus Tolibzoda, head of the National Bank of Tajikistan. He shared these figures at a press conference on February 12, Asia-Plus reports.
Tolibzoda noted that in 2021, approximately half of trade transactions with Russia were settled in US dollars and the other half in rubles. However, this balance shifted dramatically following the start of Russia’s special military operation in Ukraine and the subsequent Western sanctions.
Since then, Tajikistan has steadily moved away from using the dollar. The official also pointed out that, as a result, the country’s exchange offices no longer face shortages of US currency, as they did before 2022.
At the same time, the central bank chief stated that local financial institutions minimize risks by working only with Russian banks that have not been subjected to international sanctions.
ℹ️ According to Tajikistan’s statistical agency, trade turnover between the country and Russia reached $1.98 billion in 2024, marking a 15% increase from the previous year.
More than 95% of these transactions involved imports, while exports to Russia barely exceeded $96 million. Tajikistan mainly imports essential goods and petroleum products from Russia, while sending back fruits, vegetables, and some mineral products such as ores and concentrates.
Russia remains Tajikistan’s top trading partner, accounting for 22.1% of total foreign trade. However, analysts note that China is closing the gap, reaching 21.8% of Tajikistan’s external trade volume in 2024.
