What is the Turkmenitstani manat (TMM)?

Credit Ratings & Outlook

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

GDP

In 2010 the total GDP was $20,000,701,754 in US Dollars, while the per capita GDP was $3,966. It grew by 9.20% over the previous year.

Unemployment

The latest unemployment rate for 2008 is 9.99%.

Political Structure

The current head of the government is President Gurbanguly Berdimuhamedow, who is also the head of state (in an executive role).

Currency Details

The manat, denoted by the ISO code TMM, is the official currency of Turkmenistan. The manat was implemented on November 1, 1993. It is further divided into 100 tenge. All manat notes display a picture of President Saparmurat Niyazov. The name of the currency is borrowed from the Russian word “moneta,” which means, “coin.”

Moody’s Rating

B2, 20 Jul 1999

S&P Rating

N/A

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

What does it look like?

Political Structure

The government of Turkmenistan is divided into three branches: executive, legislative, and judicial. However, the government is a republic with authoritarian presidential rule and therefore, very little power outside the executive branch. The President is elected by popular vote for a five-year term. The legislative branch consists of two parliamentary bodies. One is a unicameral People’s Council, which is a supreme legislative body with up to 2,500 delegates. The second is a unicameral Parliament with 50 seats whose members are elected by popular vote for five-year terms. Within the judicial branch is the Supreme Court whose judges are appointed by the President. Lastly, there is also a Council of Elders, which was formed to keep the Turkmen tradition of regarding the advice of senior members of society with importance. The President must consult with this Council prior to making decisions on both domestic and foreign matters.<

Prominent Figures

Chief of State President Gurbanguly BERDIMUHAMEDOW (since 14 February 2007); note – the president is both the chief of state and head of government
Head of Government President Gurbanguly BERDIMUHAMEDOW (since 14 February 2007)
Cabinet Cabinet of Ministers appointed by the president
Elections president elected by popular vote for a five-year term; election last held on 11 February 2007 (next to be held in February 2012)
Election Results Gurbanguly BERDIMUHAMEDOW elected president; percent of vote – Gurbanguly BERDIMUHAMEDOW 89.2%, Amanyaz ATAJYKOW 3.2%, other candidates 7.6%

Key Economic Factors

Overview:

The majority of Turkmenistan is a desert country with an intensive agriculture industry and vast gas and oil resources. About half of Turkmenistan’s irrigated land is used for cotton. Before recent poor harvests, which have caused about a 46% drop in cotton exports, Turkmenistan used to be the world’s tenth-largest cotton producer. Turkmenistan is taking careful steps towards economic reform because it has an authoritarian ex-Communist regime in power and a tribally based social structure. It hopes to promote gas and cotton sales in order to maintain its economy, which has been inefficient one. Turkmenistan’s economy was hurt because its export routes for natural gas were poor and severe short-term external debt. Future prospects are bleak because of large domestic poverty, high foreign debt, the government’s absurd use of oil and gas revenues, and its reluctance to accept market-oriented reforms. Note: Turkmenistan’s economic statistics are state secrets; therefore, its GDP and other data are subject to wide margins of error.

Industries:

Natural gas, oil, petroleum products, textiles, and food processing.

Agriculture Products:

Cotton, grain, and livestock.

Major Trading Partners:

Ukraine, Russia, Iran, U.S., UAE, and Turkey.

Import Commodities:

Machinery and equipment, chemicals, and foodstuffs.

Export Commodities:

Gas, crude oil, petrochemicals, cotton fiber, and textiles.