Press Release No. 08/100

Press Release: Statement by an IMF Mission to Turkmenistan

May 5, 2008

An International Monetary Fund (IMF) mission team, led by Mr. Peter Winglee, is currently conducting the annual Article IV Consultation discussions with the government of Turkmenistan. Such discussions are routinely conducted with the Fund's member countries and cover economic and financial policy issues, especially exchange rates.

The IMF mission issued the following statement in Ashgabat on May 2:

"The IMF team welcomes the important progress Turkmenistan has made over the past 18 months in economic reforms, especially the decisive move to unify the exchange rates of the manat on May 1. This step, together with supporting measures, will greatly benefit Turkmenistan's economic and financial development, and the country's integration into the international economy. The team reiterates its continued support for Turkmenistan's further reforms, including the currency redenomination at the start of 2009, and wishes the authorities success in meeting the challenges ahead."