Turkmenistan strengthens currency after run on dollar

0 Comments | AFP, April, 2008

ASHGABAT (AFP) — Turkmenistan's reclusive regime on Saturday announced a strengthening of the country's currency, confirming rumours that caused a run on the dollar in recent days.

The government cut the official price of the US dollar from 20,000 manat to 17,600 manat, the first change this year.

On Thursday and Friday rumours of the imminent change spread rapidly across the Central Asian country's capital Ashgabat, causing people to queue outside banks in the rain to try to sell their dollars at the higher rate.

Exchanges limited the amount that each person could change, prompting people to draft in their relatives to help out.

Known for its secrecy, the Turkmen government did not explain the move and local media, controlled by the state, remained...