Turkmenistan just devalued its currency against the U.S. dollar -- for now, still the worlds reserve currency -- by 18 percent. It was a move described by financial experts as contagion tied to the recent devaluation of Russias currency, the ruble, which is plunging due to falling oil prices and Western economic sanctions over Moscows annexation of Crimea. Kyrgyzstan saw its local currency, the som, fall more than 17 percent in value against the dollar in 2014, while Tajikistans currency, the somon, lost nearly 14 percent against the dollar. Kazakhstans central bank back in February devalued its currency, the tenge, by about 19 percent. In addition, the central bank in another ex-Soviet Republic, Belarus, has adopted emergency measures to stave off further economic damage.
Posted on: Mon, 19 Jan 2015 17:11:38 +0000
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