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Turkmenistan reportedly forced to accept non-standard measures due to falling prices for oil and natural gas.

Turkmenistan is forced to accept non-standard measures due to falling prices for oil and natural gas, according to a session of the Cabinet of Ministers.

President of Turkmenistan Gurbanguly Berdimuhamedov instructed the Government "to analyze in detail the current situation in the global economy, and to take appropriate measures to prevent the occurrence of negative processes in the economy."

Due to the economic crisis Turkmenistan had to slightly increase the prices for some goods and services. "We slightly reduced the exchange rate of manat against the freely convertible foreign currency," stated the President.

On January 1, 2015, Turkmenistan increased the exchange rate of manat against U.S. dollar from 2.85 to 3.50 for the first time for the past six years (since 2008). Also, the price of gasoline increased to 1 manat.

"Since the beginning of this year, the Government increased wages for all workers, pensions and state benefits, which allowed to reimburse costs of the population at some extent," the President continued.

He also called to review a list of buildings and facilities, construction of which has been scheduled to begin this year, as well as to improve the progress of reforms within government operations.

Since summer 2014, oil prices fell by more than 50%.

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Publication:AKIpress News Agency
Geographic Code:9TURM
Date:Feb 2, 2015
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