The president of Turkmenistan has fired a deputy prime minister amid corruption allegations.

Turkmen state media on Saturday said Gurbanguly Berdymukhamedov has fired Palvan Taganov for a "weakening discipline and order" in the ministries that he oversaw, including graft among senior officials.

The firing of Taganov, who was also a trade adviser and has served in this job for two years, comes after the former Soviet republic tightened restrictions on the exchange of foreign currencies as the country's currency is battered by low oil prices.

Turkmenistan is believed to be one of the most corrupt Central Asian nations and is ranked 154th out of 167 countries in Transparency International's corruption index.