Turkmenistan achieves stable national currency exchange rate
Ashgabat, Turkmenistan, Nov. 2
By Huseyn Hasanov- Trend:
21 years passed from the date of putting the national currency - manat into circulation in Turkmenistan. It was put into circulation on November 1 and became a reliable and robust attribute of the country's statehood, Turkmen dovlet khabarlary state news service reported.
The stability of the manat is ensured by a high level of Turkmenistan's economic development, the statement says.
"This stability is the result achieved by regulating the virtually unchanged ratio between the purchasing power of the manat and foreign currencies, that is, the constancy of the exchange rate," the statement says.
The official exchange rate has recently remained at 2.85 Turkmen manat to $1 in Turkmenistan.
The manat rate was unified towards the foreign currencies in 2008. While preserving stability, the unification positively affected the purchasing power of the national currency and the population's income growth.
The article quoted Turkmen President Gurbanguly Berdimuhamedov's statement that the unification of the manat rate strengthened the financial and economic condition of export-oriented industries. It ensured an acceptable level of price competitiveness of domestic goods
on both the foreign and domestic markets. It excluded imbalances in the country's foreign trade and stimulated the dynamic economic growth.
"These measures with other reforms saturated the domestic commodity market," the president said. "This ensured the price stability of imported goods."
Thus, the timely reforms initiated the balanced monetary and fiscal policies. This contributed to the development of the internal market, healthy competition, strengthening the export potential of the country.
Turkmenistan holds one of the key positions in the region on natural gas supplies. Russia, China and Iran are importers.
The profitable part in the Turkmen state budget is formed by such sectors as oil and gas, chemical, power engineering and construction. The budget envisages the ongoing development of agro-industrial complex, transport, communication, textile and food sectors.
The revenues are expected to grow at the expense of further development and support for the activity of non-state enterprises.
Turkmenistan is gradually passing to market economy. This was reflected in the constitution. The national currency was denominated. The exchange rates were unified. The country passed to the international accounting standards in 2014.