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Turkmenistan cuts zeroes off its currency
AP - 1 hour 42 minutes ago
ASHGABAT, Turkmenistan - Turkmenistan has cut some zeroes off its currency and removed the portrait of its autocratic former leader from all coins and all but one bill.
The government of the gas-rich Central Asian nation has been gradually dismantling signs of former President Saparmarat Niyazov's personality cult since his death two years ago.
His portrait will remain only on the largest bill, worth 500 manats, about $175.
In the redenominated currency introduced Thursday, 1 new manat will equal 5,000 old.
Both the old and the new currency will be in use through the end of the year, and stores have already introduced a dual pricing system.
Niyazov's portrait had been on all coins and bills since the former Soviet republic introduced its own currency in 1993.
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