ABSTRACT
The breakup of the USSR was followed by the formation of five newly independent Central Asian states: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. In 1993—94, all five of these states established new governmental structures, introduced national currencies, created modern financial systems, and created gold and hard currency reserves. The economic integration of Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan has at times led to the formation of special party and state economic organs to provide overall supervision and control. The ruling elites in Kazakhstan and Turkmenistan are perfectly well aware that their country's political and economic prospects—as independent states—depend totally on the exploitation of these raw material reserves. Accordingly, both countries have advanced ambitious programs to expand the extraction and export of oil and natural gas. The superabundance of oil and gas resources makes this region an epicenter of geopolitical competition.
