Redenomination and a managed manat

Turkmenistan's currency policy is closely administered. The Central Bank of Turkmenistan redenominated the manat at 5,000 old manats to one new manat on January 1, 2009, after years of a large gap between the official and market rates, and it later moved the official rate to about 2.85 per US dollar. In January 2015, after oil and gas prices fell and trade with Russia weakened, the central bank devalued the manat by about 19 percent to 3.5 per US dollar and has held that rate since. Because gas export revenue arrives in dollars and is controlled by the state, the fixed rate has been defended through administrative allocation of foreign exchange rather than market adjustment, and a parallel market rate far weaker than the official one has persisted. Published inflation and growth figures are limited and are widely considered less informative than in market economies.