Turkmenistan attaches importance to maintaining stable exchange rate of national currency

Photo: Turkmenistan attaches importance to maintaining stable exchange rate of national currency / Turkmenistan

Ashgabat, Turkmenistan, April 24

By Huseyn Hasanov- Trend:

Turkmenistan attaches great importance to maintaining a stable exchange rate of the national currency, the Turkmen government said on April 24.

Turkmen President Gurbanguly Berdimuhamedov recommended during the meeting of the Cabinet of Ministers to take comprehensive measures in this direction as part of the fiscal policy, according to the report.

During the meeting, chairman of the Turkmen Central Bank Gochmurat Myradov made a report on the work carried out to maintain a stable exchange rate of the national currency.

The monetary policy is an important component of the state strategy. It creates favorable conditions for the effective management of national economic complex and diversification of the economy, the president said.

"The Turkmen president also instructed the chairman of the central bank board to control over the foreign currency receipts at the accounts of ministries and departments," Turkmen Dovlet Habarlary news agency reported.

The report also covered the activity of banking institutions and foreign currency receipts at the accounts of the ministries and departments, according to the information.

The national currency rate has recently remained at the same level: one dollar equated to 2.84 Turkmen manat.

It was reported in July 2013 that the president instructed the central bank to thoroughly examine all transactions in foreign currency, as there were shortcomings in this area.

Turkmenistan has recently chosen a course for gradual transition to a market economy. This was reflected in the amended constitution.

The national currency was denominated. The exchange rates were unified.

The country moved to the international accounting standards in 2014.

Translated by NH
Edited by CN

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