November 1 marks the 27th anniversary of the introduction of the national currency of Turkmenistan during the years of independence. In this regard, a conference was held on October 31 at the Turkmen State Institute of Economics and Management in Ashgabat with the participation of bank executives, professors and representatives of the Academy of Sciences.
The speakers noted the success of the banking reforms and spoke about the formation of a favorable investment climate. The conference participants also stressed the importance of intensifying cooperation with the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank and the Islamic Development Bank. It was noted that in the future, work should be intensified in the financial sphere to increase the level of trust and protect the interests of depositors and investors in Turkmenistan. It should be noted that on November 2, the value of the dollar on the “black market” reached 24.3 manat. The official exchange rate set by the state remains at 3.5 manat to $ 1. The official foreign exchange rate set by the Central Bank of Turkmenistan at 3.5 manat to 1 US dollar has remained unchanged since 2015.
The highest level of the dollar on the “black market” in Turkmenistan was observed in early June 2018. It should be noted that free cash currency exchange has been banned in the country since January 2016.