Turkmenistan: Recent Economic Developments

September 23, 1998

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Turkmenistan: Recent Economic Developments, (USA: International Monetary Fund, 1998) accessed November 22, 2024

Summary

This paper reviews economic developments in Turkmenistan during 1994–98. Turkmenistan reduced gas exports and suffered a decline in real GDP of close to 40 percent during 1993–95. At the same time, it stepped up foreign borrowing and constrained imports by limiting access to foreign exchange to sustain gross international reserves at the equivalent of 6–9 months of imports. The distortions associated with the perpetuation of central controls, coupled with an accommodating monetary policy, led to financial instability, raising annual average inflation rates to close to 1,500 percent during 1993–95.

Subject: Agricultural commodities, Commodities, Credit, Currencies, Exports, External debt, Foreign exchange, International trade, Money

Keywords: Agricultural commodities, Asia and Pacific, Central Asia, Commercial bank, CR, Currencies, Eastern Europe, Europe, Exchange rate, Exports, Foreign currency, Gas export, Interest rate, ISCR, Treasury bill, U.S. dollar

Publication Details

Pages:

122
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 1998/081
Stock No:

1TKMEA0011998
ISBN:

9781451837230
ISSN:

1934-7685

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