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Turkmenistan: What’s Behind Sudden Manat Devaluation?

Turkmenistan rang in the New Year by dramatically devaluing its national currency, the manat, and introducing a steep levy on the price of petrol.
 
The scale of the devaluation – comparable to the 19 percent devaluation of the tenge in Kazakhstan earlier in the year – comes as all Central Asian economies are feeling the downturn in Russia, where the ruble lost 45% of its value against the dollar in 2014. But it is still somewhat surprising because Turkmenistan’s is the region’s economy least dependent on exports to its former colonial master.
 
Indeed, the manat was the only Central Asian currency to maintain its value in 2014. 
 
AFP reported January 1 that the Turkmen central bank had published a rate of 3.50 manats to the dollar, down from the 2.85 that had held since 2009—a devaluation of 18.6 percent. The government has not commented.
 

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Turkmenistan: What’s Behind Sudden Manat Devaluation?

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