Identifier
Created
Classification
Origin
08ASHGABAT1375
2008-10-20 13:33:00
CONFIDENTIAL
Embassy Ashgabat
Cable title:
TURKMENISTAN: NEW BOARD OF TRADE OPENS
how-toVZCZCXRO9534 PP RUEHAG RUEHBI RUEHCI RUEHLH RUEHPW RUEHROV DE RUEHAH #1375 2941333 ZNY CCCCC ZZH P 201333Z OCT 08 FM AMEMBASSY ASHGABAT TO RUEHC/SECSTATE WASHDC PRIORITY 1727 INFO RUCNCLS/ALL SOUTH AND CENTRAL ASIA COLLECTIVE RUCNCIS/CIS COLLECTIVE RUCNMEM/EU MEMBER STATES COLLECTIVE RUEHAK/AMEMBASSY ANKARA 4415 RUEHBJ/AMEMBASSY BEIJING 2227 RUEHKO/AMEMBASSY TOKYO 2092 RUEHIT/AMCONSUL ISTANBUL 2663 RHMFISS/CDR USCENTCOM MACDILL AFB FL RUEAIIA/CIA WASHDC RHEFDIA/DIA WASHDC RUEKJCS/JOINT STAFF WASHDC RHEHNSC/NSC WASHDC RUEKJCS/SECDEF WASHDC RUEHVEN/USMISSION USOSCE 2984
C O N F I D E N T I A L ASHGABAT 001375
SIPDIS
STATE FOR SCA/CEN
E.O. 12958: DECL: 10/20/2018
TAGS: PGOV PREL ECON EFIN ETRD TX
SUBJECT: TURKMENISTAN: NEW BOARD OF TRADE OPENS
Classified By: Charge Sylvia Reed Curran for reasons 1.4 (b) and (d).
C O N F I D E N T I A L ASHGABAT 001375
SIPDIS
STATE FOR SCA/CEN
E.O. 12958: DECL: 10/20/2018
TAGS: PGOV PREL ECON EFIN ETRD TX
SUBJECT: TURKMENISTAN: NEW BOARD OF TRADE OPENS
Classified By: Charge Sylvia Reed Curran for reasons 1.4 (b) and (d).
1. (SBU) As part of the numerous new building openings in the
run-up to Turkmenistan's independence day holiday, on October
20 the new building that houses the Ministry of Trade and
Foreign Economic Relations, as well as the Board of Trade,
opened. This Board of Trade is different from others or from
a regular stock exchange. Instead of a trading floor, with
traders running and shouting, there are cushioned seats for
several hundred. Attached to each seat is a computer that
can be accessed by a smart card. Since none of the traders
had smart cards, each had a blue laminated card with a number
on it. In order to trade, one of three people on a dais at
the front of the room called on a trader who held his card
up. Once called upon, the trader stands, states what he
wants to buy, at what price and at which border he planned to
pick up the goods (NOTE: Traders apparently only buy and
sell items for export. END NOTE.) Then another trader
raises his card and says he is willing to buy at a cheaper
price. This goes on until one of the people on the dais
rings a bell to signal a final sale. Items for sale are
listed in a booklet.
2. (SBU) The Board of Trade is open Mondays and Wednesdays.
Once a sale is made, the purchaser pays the appropriate
government ministry at a bank and receives a rceipt that
entitles him to pick up his goods on the border in two-three
months time. Most items sold today were to be picked up at
the Iranian or Afghan borders.
3. (C) Since this was the inauguration of the new premises,
most of the people in attendance were not traders, but
invited guests, many of whom found the proceedings confusing.
Others started to doze. The Chinese ambassador managed to
get the computer at his seat to work without a smart card.
Once on the Internet, he checked his private e-mail and
started to play games.
4. (SBU) COMMENT: Different from the hustle and bustle one
finds at the Chicago Board of Trade, this exchange was more
sedate and controlled. Instead of the shouting over pork
bellies and wheat futures one might find in the United
States, the Turkmen prefer to trade their ginned cotton type
4 in a predictable manner. The market, however, is not
predictable. END COMMENT.
CURRAN
SIPDIS
STATE FOR SCA/CEN
E.O. 12958: DECL: 10/20/2018
TAGS: PGOV PREL ECON EFIN ETRD TX
SUBJECT: TURKMENISTAN: NEW BOARD OF TRADE OPENS
Classified By: Charge Sylvia Reed Curran for reasons 1.4 (b) and (d).
1. (SBU) As part of the numerous new building openings in the
run-up to Turkmenistan's independence day holiday, on October
20 the new building that houses the Ministry of Trade and
Foreign Economic Relations, as well as the Board of Trade,
opened. This Board of Trade is different from others or from
a regular stock exchange. Instead of a trading floor, with
traders running and shouting, there are cushioned seats for
several hundred. Attached to each seat is a computer that
can be accessed by a smart card. Since none of the traders
had smart cards, each had a blue laminated card with a number
on it. In order to trade, one of three people on a dais at
the front of the room called on a trader who held his card
up. Once called upon, the trader stands, states what he
wants to buy, at what price and at which border he planned to
pick up the goods (NOTE: Traders apparently only buy and
sell items for export. END NOTE.) Then another trader
raises his card and says he is willing to buy at a cheaper
price. This goes on until one of the people on the dais
rings a bell to signal a final sale. Items for sale are
listed in a booklet.
2. (SBU) The Board of Trade is open Mondays and Wednesdays.
Once a sale is made, the purchaser pays the appropriate
government ministry at a bank and receives a rceipt that
entitles him to pick up his goods on the border in two-three
months time. Most items sold today were to be picked up at
the Iranian or Afghan borders.
3. (C) Since this was the inauguration of the new premises,
most of the people in attendance were not traders, but
invited guests, many of whom found the proceedings confusing.
Others started to doze. The Chinese ambassador managed to
get the computer at his seat to work without a smart card.
Once on the Internet, he checked his private e-mail and
started to play games.
4. (SBU) COMMENT: Different from the hustle and bustle one
finds at the Chicago Board of Trade, this exchange was more
sedate and controlled. Instead of the shouting over pork
bellies and wheat futures one might find in the United
States, the Turkmen prefer to trade their ginned cotton type
4 in a predictable manner. The market, however, is not
predictable. END COMMENT.
CURRAN