The economy bottomed out in 1996, but high inflation continued. Furthermore, with an authoritarian ex-communist regime in power and a tribally based social structure, Turkmenistan has taken a cautious approach to economic reform, hoping to use gas and cotton sales to sustain its inefficient economy. In 1996, the government set in place a stabilization program aimed at a unified and market-based exchange rate, allocation of government credits by auction, and strict limits on budget deficits. Privatization goals remain limited. Turkmenistan is working hard to open new gas export channels through Iran and Turkey to Europe, but these will take many years to realize.
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