These do not always square with observation on the ground." Outside observers have also expressed skepticism about the official figures for the rate of inflation. In the June 2021 Global Economic Prospects report, the World Bank excluded Turkmenistan "[d]ue to lack of reliable data of adequate quality". At a session of the Cabinet of Ministers on March 11, 2021, government officials revealed that in "recent years" Turkmenistan had borrowed over US$14 billion in foreign exchange loans from foreign creditors, of which US$5 billion remained outstanding as of March 8, 2021. However, a chart shown on television indicated debt in 2021 of US$1.3524 billion. Opposition media seized on this figure to estimate GDP of US$12.3 billion based on a statement by Central Bank Chairman Rahimberdi Jepbarov that external debt equals 11% of GDP. In June 2021, official state media reported that debts to China for construction of natural gas pipelines had been paid in full. Miscellaneous statistics Exchange rates prior to 2009 During the early years of independence, the official exchange rate of the Turkmen manat to the US dollar grew dramatically. At the same time, the black-market exchange rate grew even faster, eventually hovering around 24,000 to 25,000 manats to the dollar. Notes External links Turkmenistan: Potential 'Super-Giant' Emerges On Energy Scene