Turkmen currency falling drastically

RUSSIA / FSU POLITICS - In Brief 06 Apr 2021 by Alex Teddy
On April 3 the Turkmen Manat (TMT) fell precipitously, losing 5% in one day. It is 40 to the USD on the black market. That is 50% lower than in January 2021. The TMT has slid since March 2020. Turkmenistan is heavily dependent on remittances from Turkmens who are guestworkers in other countries. The Iranian border recently reopened, and ironically this has accelerated the decline of the TMT.The official exchange rate has been 3.5 to the USD since 2015. All cash exchange is illegal. The government is now enforcing the law rigorously.The economy is suffering due to low oil and gas prices. The volumes sold have also fallen dramatically.Banks are only allowed to pay salaries in TMT.

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