Identifier
Created
Classification
Origin
07ASHGABAT1251
2007-11-20 12:12:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Ashgabat
Cable title:
BERDIMUHAMEDOV EMPHASIZES: DO NOT ROCK THE MANAT
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UNCLAS ASHGABAT 001251
SIPDIS
SENSITIVE
SIPDIS
STATE FOR SCA/CEN, EEB
E.O. 12958: N/A
TAGS: PGOV EFIN TX
SUBJECT: BERDIMUHAMEDOV EMPHASIZES: DO NOT ROCK THE MANAT
BOAT
REF: ASHGABAT 1239
UNCLAS ASHGABAT 001251
SIPDIS
SENSITIVE
SIPDIS
STATE FOR SCA/CEN, EEB
E.O. 12958: N/A
TAGS: PGOV EFIN TX
SUBJECT: BERDIMUHAMEDOV EMPHASIZES: DO NOT ROCK THE MANAT
BOAT
REF: ASHGABAT 1239
1. (U) Sensitive but unclassified. Not for public Internet.
2. (U) According to a November 20 article in "Neutral
Turkmenistan," Minister of Economy and Finance Hojamyrat
Geldimyradov reported on the "leveling" of the manat/dollar
exchange rate (reftel) at a Council of Ministers meeting on
November 19. Emphasizing the exceptional importance of the
currency issue to Turkmenistan's people, President Gurbanguly
Berdimuhamdov then warned against hasty decisions related to
the exchange rate. He instructed those with responsibilities
in this area to consult more closely with international
experts, especially with the UN and the International
Monetary Fund (IMF).
3. (SBU) COMMENT: With the unofficial exchange rate now
remaining steady at around 22,500 manats per dollar, Central
Bank Chairman Geldimyrat Abylov hangs on, although according
to the word on the street, his future remains very uncertain.
Berdimuhamedov has made clear in his way that a repeat of
last week's exchange-rate drama will not be tolerated, and
post expects that the next financial reforms will come more
slowly and deliberately. All this suggests, however, that
last week's one-day wild fluctuation of the exchange rate
might indeed have been the result of a poorly executed plan
by Turkmenistan's financial establishment. END COMMENT.
HOAGLAND
SIPDIS
SENSITIVE
SIPDIS
STATE FOR SCA/CEN, EEB
E.O. 12958: N/A
TAGS: PGOV EFIN TX
SUBJECT: BERDIMUHAMEDOV EMPHASIZES: DO NOT ROCK THE MANAT
BOAT
REF: ASHGABAT 1239
1. (U) Sensitive but unclassified. Not for public Internet.
2. (U) According to a November 20 article in "Neutral
Turkmenistan," Minister of Economy and Finance Hojamyrat
Geldimyradov reported on the "leveling" of the manat/dollar
exchange rate (reftel) at a Council of Ministers meeting on
November 19. Emphasizing the exceptional importance of the
currency issue to Turkmenistan's people, President Gurbanguly
Berdimuhamdov then warned against hasty decisions related to
the exchange rate. He instructed those with responsibilities
in this area to consult more closely with international
experts, especially with the UN and the International
Monetary Fund (IMF).
3. (SBU) COMMENT: With the unofficial exchange rate now
remaining steady at around 22,500 manats per dollar, Central
Bank Chairman Geldimyrat Abylov hangs on, although according
to the word on the street, his future remains very uncertain.
Berdimuhamedov has made clear in his way that a repeat of
last week's exchange-rate drama will not be tolerated, and
post expects that the next financial reforms will come more
slowly and deliberately. All this suggests, however, that
last week's one-day wild fluctuation of the exchange rate
might indeed have been the result of a poorly executed plan
by Turkmenistan's financial establishment. END COMMENT.
HOAGLAND