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Turkmenistan Redenominates Currency, Further Dismantles Niyazov Personality Cult

Turkmenistan has redenominated its national currency, the manat, cutting off three zeroes while also removing the image of its autocratic former leader, Saparmurat Niyazov, from all coins and all but one banknote.

The government says the procedure will strengthen the manat and promote foreign investment. Some Turkmen, however, are anxious about the move, saying any currency change will create more uncertainties in markets and could drive prices up.

Turkmenistan's central bank officially entered the redenominated manats into circulation on January 1.

President Gurbanguly Berdymukhammedov, speaking on national television, sought to assure his people that, unlike the old currency, the new manats will have a stable value.

"Our stable and powerful economy guarantees it," Berdymukhammedov said.

To read the full story

FE/RL’s Turkmen Service contributed to this report.

Turkmenistan Redenominates Currency, Further Dismantles Niyazov Personality Cult

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