Convert your Turkmenistan Currency to Naira
Economic Indicators: Nigeria vs. Turkmenistan
| Indicator | Nigeria | Turkmenistan |
|---|---|---|
| Interest Rates (Lending) | 26.25% (May 2024) | No Data Available |
| Exchange Rates (Local Currency per USD) | 1490 NGN/$ | TMT 3.50 (June 2024) |
| Inflation Rate (YoY) | 33.95 (May 2024) | 5.9 (Dec 2023) |
| Unemployment Rate | 5% | 5% (Dec 2022) |
| GDP Growth Rate | 2.85% (Dec 2023) | 1.6% (2022) |
| Savings Rate | 6.28 (March 2024) | No Data Available |
Discussion:
- Interest Rates: Reliable data on lending rates in Turkmenistan is unavailable, but government control over the economy likely influences these rates.
- Exchange Rates: The Nigerian Naira (₦) is weaker against the US dollar compared to the Turkmenistan Manat (TMT).
- Inflation Rate: Data on inflation in Turkmenistan is unavailable, but government subsidies might suppress reported figures. Nigeria faces a high inflation rate.
- Unemployment Rate: Both countries have 5% unemployment rates
- GDP Growth Rate: Nigeria’s GDP is larger and experiences more growth than Turkmenistan’s in 2022.
- Savings Rate: Data on savings rates in Turkmenistan is unavailable. Nigeria’s rate is lower than some developing countries.
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The Evolution of the Turkish Lira (TRY)
The Turkish Lira (TRY) has been the national currency of Turkey since 1923, following the country’s independence from the Ottoman Empire. Its history reflects the nation’s complex political and economic landscape.
Early Years: Upon independence, Turkey introduced the Lira as a replacement for the Ottoman lira. The early years were marked by economic instability and a weak Lira.
Economic Reforms and Growth: In the 1980s, Turkey implemented a series of economic reforms aimed at promoting growth and integration with the European Union. These reforms included liberalization of the economy, privatization of state-owned enterprises, and investment in infrastructure.
Currency Crises and Devaluation: Despite these reforms, Turkey has faced a number of economic challenges, including currency crises, inflation, and political instability. The Lira has experienced periods of significant devaluation, especially during times of economic crisis.
Recent Developments: In recent years, Turkey has made efforts to stabilize its economy and reduce inflation. The country has promoted tourism, manufacturing, and agriculture as key sectors of growth. However, Turkey continues to face challenges such as political instability, geopolitical risks, and a high debt-to-GDP ratio. These factors have impacted the value of the Lira and the country’s economic outlook.