Turkmenistan

Economic Overview

• Major Natural Resources - Oil, natural gas (4th largest reserves in the world), salt, phosphate, mirabilite, and sulfur.



• Major Industries - Textiles, oil, gas, mining, and chemicals.



• Chief Agricultural Crops - Cotton, grapes, grain and vegetables.



• Convertibility - There is no open-market system for currency conversion. Any and all conversion of the local currency (manat) to foreign currency requires approval by the Central Bank.

Political System

The 1992 constitution invested the rule of this Republic to the Khalk Maslakhty (people's council), which meets once a year. In practice, the President, Council of Elders, and Cabinet of Ministers (headed by a Prime Minister appointed by the President), exercise the most power. The Majles (national assembly) is the legislative arm of government.
 

History and Customs

Turkmenistan began as a province ruled by ancient Persia, although its people trace their ancestry to Turkic tribes. From the 8th century to the 19th century, the country was ruled by the Arabs, the Seljuk Turks, Genghis Khan, the Timurids, and the Uzbeks. Turkmenistan came under the rule of Russia in 1881, and fought for independence in 1917, only to be overcome by the Bolsheviks and incorporated as a republic within the Soviet Union in 1925. Turkmenistan became independent in 1991; and, Mr. Saparmurad Niyazov, officially often referred to as Turkmenbashi (the English translation of which is head of all Turkmen) was elected President. Although the President's term was originally established as 5-years, in December 1999 President Niyazov's term was extended indefinitely as a life term.

Turkmen constitute about 70% of the population, with Russians (9%) and Uzbeks (also 9%) constituting large minority groups.

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