Collapse contagion? Former Soviet Republic devalues currency by 18% as currency wars ignite
by: J. D. Heyes
NaturalNews.com
Monday, January 19, 2015
Most Americans could never find the tiny former Soviet Republic of Turkmenistan on a map, but the energy-rich nation recently something that could certainly have global implications.
As reported by Agence France-Presse (AFP) and financial analysis website Zero Hedge, Turkmenistan just devalued its currency against the U.S. dollar — for now, still the world’s reserve currency — by 18 percent. It was a move described by financial experts as “contagion” tied to the recent devaluation of Russia’s currency, the ruble, which is plunging due to falling oil prices and Western economic sanctions over Moscow’s annexation of Crimea.
As AFP noted:
The highly secretive Central Asian country has vast oil and gas reserves while most of its five million people live in poverty.
On [Jan. 1], the website of Turkmenistan’s central bank published the rate of 3.50 manats to the US dollar, from 2.85 manats, a depreciation of 18.6 percent.
The fall continues
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