Unification of exchange rate in Turkmenistan consolidates national currency: state agency

Turkmenistan, Ashgabat, May 1/ Trend , G. Hasanov/

The unification of the exchange rate, launched a year ago, has significantly strengthened the position of the Turkmen manat, increased its purchasing power, activity in the domestic market and has created an opportunity to improve banking services and financial and business transactions, Turkmen Dovlet Khabarlary reported.

On May 1 2008, Turkmenistan introduced the official single manat rate against foreign currencies. This step marked the beginning of an important new phase in the implementation of financial and economic reforms initiated by President Gurbanguly Berdymuhamedov and aims to form an optimal model of market economy and Turkmenistan's active integration into world economic relations.

As it is known, official single rate of the manat to foreign currencies set  by country's Central Bank amounted to 14 ,250 manats and 2.85 manat per 1 U.S. dollar due to the denomination of the national currency from January 1, 2009. The rate manat to foreign currency is stable and has not been subject to sharp fluctuations since unification.

Presidential decree which approved Regulation on Interbank Currency Exchange and the rules of exchange trade was an important step towards strengthening the financial and economic system of the country and ensuring sustainability of the national currency. The order of realization of foreign currency by fixed rate is as follows: all legal entities, regardless of ownership, and individuals - on the non-cash basis - on the foreign exchange market and in cash - through a network of exchange points.

According to specialists, the unification had a positive effect on the state budget and the development of the banking sector and contributed to the stability of macroeconomic situation in the country.

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