OREANDA-NEWS. April 10, 2009. In accordance with the Decree of President Gurbanguly Berdimuhamedov the campaign to denominate the national currency unit – manat was launched in Turkmenistan on January 1, 2009 that became an important step towards further development of the national financial and economic system under conditions of transition to market relations and active integration in global system.

According to the Central Bank of Turkmenistan, today the denominated currency units make up over 80 percent of the amount of cash in circulation. That is a vivid illustration of successful implementation of the currency reform initiated by the national leader and standing as an integral factor of Turkmenistan’s economic progress. According to specialists, denomination promotes strengthening the status of Turkmenistan manat as the national currency unit, optimizing cash turnover, simplifying price formation, facilitating accounting and statistical reporting and eventually saving public funds. The people of Turkmenistan appreciated already the advantages of the new currency units.

Before the denomination campaign was launched the exchange rate of the national currency had been unified and the exchange offices supplied with the required amount of foreign currency had been opened throughout the country. Natural and legal entities irrespectively of the pattern of ownership can buy foreign currency at the exchange rate established by the Central Bank of Turkmenistan. According to the Central Bank of Turkmenistan the current exchange rate is stable and resistant to sudden changes due to the balanced financial policy of the Turkmen state.