Identifier
Created
Classification
Origin
08ASHGABAT309
2008-03-06 10:29:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Ashgabat
Cable title:
TURKMENISTAN: PROGRESS TOWARD CURRENCY RATE
VZCZCXYZ7343 PP RUEHWEB DE RUEHAH #0309 0661029 ZNR UUUUU ZZH P 061029Z MAR 08 FM AMEMBASSY ASHGABAT TO RUEHC/SECSTATE WASHDC PRIORITY 0391 INFO RUCNCLS/ALL SOUTH AND CENTRAL ASIA COLLECTIVE RUCNCIS/CIS COLLECTIVE RUCNMEM/EU MEMBER STATES COLLECTIVE RUEHAK/AMEMBASSY ANKARA 3473 RUEHBJ/AMEMBASSY BEIJING 1291 RUEHKO/AMEMBASSY TOKYO 1158 RUEHIT/AMCONSUL ISTANBUL 1727 RHMFIUU/CDR USCENTCOM MACDILL AFB FL RUEAIIA/CIA WASHDC RUCPDOC/DEPT OF COMMERCE WASHDC RUEATRS/DEPT OF TREASURY WASHDC RHEFDIA/DIA WASHDC RHEHNSC/NSC WASHDC RUEKJCS/JOINT STAFF WASHDC RUEKJCS/SECDEF WASHDC RUEHVEN/USMISSION USOSCE 2291
UNCLAS ASHGABAT 000309
SIPDIS
SENSITIVE
SIPDIS
STATE FOR SCA/CEN, EEB
TREASURY FOR BAKER/LANIER
USAID/W FOR EE/AA
E.O. 12958: N/A
TAGS: PGOV PREL ECON EFIN TX
SUBJECT: TURKMENISTAN: PROGRESS TOWARD CURRENCY RATE
UNIFICATION SLOWED?
REF: ASHGABAT 0017
UNCLAS ASHGABAT 000309
SIPDIS
SENSITIVE
SIPDIS
STATE FOR SCA/CEN, EEB
TREASURY FOR BAKER/LANIER
USAID/W FOR EE/AA
E.O. 12958: N/A
TAGS: PGOV PREL ECON EFIN TX
SUBJECT: TURKMENISTAN: PROGRESS TOWARD CURRENCY RATE
UNIFICATION SLOWED?
REF: ASHGABAT 0017
1. (U) Sensitive but unclassified. Not for public Internet.
2. (SBU) It appears that Turkmen government officials have
decided to slow down progress toward the planned 2009
unification of the country's dual exchange rate. Resident
Deutsche Bank Head told UK Charge that he had been informed
by Central Bank Chairman Geldimyrat Abylov that there will be
no change to the current official rate of 6,250 manats/dollar
and to the commercial rate of 19,800 manats/dollar for the
next 4-6 months. In addition, the government has decided to
delay the rate unification from January 2009 to some later
unspecified time in the latter part of that year.
3. (SBU) COMMENT: The perceived rapid speed of the
step-by-step unification had caused concern among local
residents. Every few weeks, since the beginning of 2008,
there have been rumors that the commercial rate would fall
another few thousand manats on a date certain, causing
panicked efforts to sell dollars before the rumored rate
change. Seemingly in order to calm those fears, the
government published a note in the state media at the
beginning of February announcing that the Central Bank had no
plans at present to change the commercial rate. While a 2009
currency rate unification remains the goal of President
Berdimuhamedov, stability is also an important concern for
the country's leadership. END COMMENT.
HOAGLAND
SIPDIS
SENSITIVE
SIPDIS
STATE FOR SCA/CEN, EEB
TREASURY FOR BAKER/LANIER
USAID/W FOR EE/AA
E.O. 12958: N/A
TAGS: PGOV PREL ECON EFIN TX
SUBJECT: TURKMENISTAN: PROGRESS TOWARD CURRENCY RATE
UNIFICATION SLOWED?
REF: ASHGABAT 0017
1. (U) Sensitive but unclassified. Not for public Internet.
2. (SBU) It appears that Turkmen government officials have
decided to slow down progress toward the planned 2009
unification of the country's dual exchange rate. Resident
Deutsche Bank Head told UK Charge that he had been informed
by Central Bank Chairman Geldimyrat Abylov that there will be
no change to the current official rate of 6,250 manats/dollar
and to the commercial rate of 19,800 manats/dollar for the
next 4-6 months. In addition, the government has decided to
delay the rate unification from January 2009 to some later
unspecified time in the latter part of that year.
3. (SBU) COMMENT: The perceived rapid speed of the
step-by-step unification had caused concern among local
residents. Every few weeks, since the beginning of 2008,
there have been rumors that the commercial rate would fall
another few thousand manats on a date certain, causing
panicked efforts to sell dollars before the rumored rate
change. Seemingly in order to calm those fears, the
government published a note in the state media at the
beginning of February announcing that the Central Bank had no
plans at present to change the commercial rate. While a 2009
currency rate unification remains the goal of President
Berdimuhamedov, stability is also an important concern for
the country's leadership. END COMMENT.
HOAGLAND