Ashgabat (Turkmenistan) (AFP) – The energy-rich former Soviet republic of Turkmenistan devalued its currency against the US dollar by 18 percent Thursday, in the latest sign of contagion among Russia’s neighbours from the plunging ruble.The secretive Central Asian country has vast oil and gas reserves and has erected grandiose marble-clad palatial government buildings and sports complexes, but failed to raise living standards for most of its five million people.On Thursday, the website of Turkmenistan’s central bank published the rate of 3.50 manats to the US dollar, up from 2.85 manats, a depreciation of 18.6 percent. It gave no explanation.The devaluation …read more
Source: Business Insider
