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Turkmenistan: Recent Economic Developments

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  • International Monetary Fund

Abstract

This paper reviews economic developments in Turkmenistan during 1994–98. Turkmenistan reduced gas exports and suffered a decline in real GDP of close to 40 percent during 1993–95. At the same time, it stepped up foreign borrowing and constrained imports by limiting access to foreign exchange to sustain gross international reserves at the equivalent of 6–9 months of imports. The distortions associated with the perpetuation of central controls, coupled with an accommodating monetary policy, led to financial instability, raising annual average inflation rates to close to 1,500 percent during 1993–95.

Suggested Citation

  • International Monetary Fund, 1998. "Turkmenistan: Recent Economic Developments," IMF Staff Country Reports 1998/081, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:1998/081
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    Cited by:

    1. Islamov, Bakhtior, 2001. "Central Asia: Problems of External Debt and Its Sustainability," Discussion Paper Series a413, Institute of Economic Research, Hitotsubashi University.

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