National Currency of Turkmenistan Turns 26

BUSINESS TURKMENISTAN
National Currency of Turkmenistan Turns 26
Turkmenistan carried out the denomination of the national currency on January 1, 2009.

It has been 26 years since the introduction of the national currency of Turkmenistan, manat, and exchange coins, tenge. The first national currency came into circulation in 1993.

“Introduction of the national currency – manat allowed creating favorable conditions for the sustainable growth of the national economy and adopting the national monetary policy,” says President Gurbanguly Berdimuhamedov, addressing the people of Turkmenistan on occasion of the 26th anniversary of the national currency. “The banking system, a key segment of the national economy, has turned into one of its dynamically developing areas.”

The state policy pays significant attention to further improving the level of reliability of the banking sphere, the letter reads.

According to the President of Turkmenistan, the stable work of the banking sector is a decisive factor in increasing the competitiveness of the domestic economy and its integration into the global economy.

Turkmenistan introduced a single exchange rate for the Turkmen manat to foreign currency on May 1, 2008 and carried out the denomination of the national currency on January 1, 2009.