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Ashgabat tightens control over monetary policy

26 January 2016 11:43 (UTC+04:00)
Ashgabat tightens control over monetary policy

Turkmen leader Gurbanguly Berdimuhammadov has instructed the relevant departments to keep the issues of implementation of monetary policy under strict supervision at a meeting of the government, the government reported on January 25.

A report on improvement of financial and economic system of the country and systematic improvement of macroeconomic indicators of the national economy was read at the meeting.

Earlier, the president instructed the heads of the banking sector to take the necessary measures to maintain stability of the national currency.

“It is necessary to ensure stability of the economic system, investment activities, take the necessary measures to maintain stability of the national currency and its purchasing power,” said the head of state. “One should particularly focus on increasing the volume of exports abroad and building up the reserve monetary fund.”

He said that as before, the main challenges facing the banking sector are to keep inflation within the provided range (at 6.6 percent), providing economy with the necessary volume of funds by monetary regulation and control.

In early 2015, the Central Bank of Turkmenistan set the official exchange rate at 3.50 manats for $1, which is maintained until this day. The former exchange rate at 2.85 Turkmen manats per $1 stayed unchanged in Turkmenistan since 2008 until 2015.

Turkmenistan supports GDP growth at the high-level. During 2015, this figure stayed at 6.7 percent.

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