24 Oct

turkmenistan currency

Foreign currency sales shall be carried out using funds formed from the surrender by residents of a portion of their foreign exchange proceeds, as well as other foreign currency purchased from individuals and legal entities. However, with no reported progress on resuming gas exports to Russia, Ashgabat may be trying to eke out its reserves for as long as possible by imposing restrictions now. ALMATY (Reuters) - Turkmenistan, Central Asia’s biggest gas exporter, has restricted access to foreign currency for local companies and individuals in response to a sharp fall in export revenues, Turkmen businessmen say. 5. 5. 3. 2. 2. The opening (closing) of accounts in foreign credit institutions by state-owned resident legal entities (and their branches and representative offices) that are not indicated in part two of this Article shall be carried out upon a decision of the Cabinet of Ministers of Turkmenistan.

Gurbanguly Berdimhamedov 8.

Additional reporting by Marat Gurt in Ashgabat; editing by Janet McBride. The latter include: a) open short currency position – a surplus of liabilities and obligations on a sold and/or earned currency over assets and claims in that currency (the occurrence of a shortage of that currency); b) open long currency position – a surplus of assets and claims on a purchased and/or earned currency over liabilities and obligations (a surplus of inflow on that currency over outflow, a surplus of purchases and/or earnings of the currency over sales and/or spending of it); 21) currency position limit – a guideline for the maximum open short or long currency position of authorized dealers at the end of the banking day; 22) trading credits – a deferral of export payments or a preliminary (advance) payment on imports, or an overtaking (excess) of exports over imports when mutual deliveries are made under a barter contract, carried out directly between suppliers (sellers) and recipients (buyers) of goods (work, service); a) the ownership or acquisition by an investor of at least ten percent of the stock shares (participatory interest or contribution) in the authorized capital of an already created or newly created legal entity; b) an investment of capital in the capital stock of a newly created branch of a legal entity; 24) international reserves of Turkmenistan: a) refined gold ingots, foreign currency in the form of banknotes or coins, or foreign currency balances in bank accounts (deposits) outside Turkmenistan; b) the right to purchase from the International Monetary Fund a portion of its reserves, and special drawing rights from the International Monetary Fund; c) bonds issued or guaranteed by foreign states, central banks of foreign states, or international financial organizations, paid for in foreign currencies; d) other assets defined by the Board of the Central Bank of Turkmenistan in coordination with the Cabinet of Ministers of Turkmenistan; 25) limit on freely available currency – an amount in the reserve currency (or its equivalent in domestic or another foreign currency), set by the Central Bank of Turkmenistan, within which one-time exchange transactions of residents and nonresidents established by this Law shall be carried out by residents and nonresidents without the application of restrictive measures.

9. In their foreign exchange transactions with nonresidents, residents shall be allowed to issue bills of exchange, checks, and other payment documents expressed in both domestic and foreign currencies, following procedures established by the Central Bank of Turkmenistan. Transfers of nonresidents’ cash funds shall be carried out pursuant to the provisions of a foreign exchange agreement. Repatriation by residents of domestic and foreign currency. Financial sanctions and fines and penalties imposed by exchange control bodies shall be collected by exchange control agents without right of appeal, pursuant to the laws of Turkmenistan. At the end of the indicated period, the authorized credit institution shall be required to either carry out  the registration (issue a registration document) or present a reasoned denial of registration. Article 4.  Principles of government policy in the area of exchange regulation and exchange control. 4. The extension of trade credits by residents to nonresidents without the corresponding security stipulated in part twelve of this Article shall be carried out for a period of time determined pursuant to the foreign exchange agreement, including: 1) on terms under which residents grant nonresidents a payment deferral when exporting goods –from the day the exported goods actually cross the customs border; and when exporting work (services) – from the day the work (services) were actually performed to the day the deferred payment actually arrives, or until the day the obligations are otherwise actually fulfilled by the nonresident; 2) in the form of a preliminary (advance) payment by residents to nonresidents when importing goods (work, services) – from the day the resident transfers cash funds to the nonresident up to the day the imported goods actually cross the customs border of Turkmenistan; when importing work (services) – up to the day the work (services) are actually performed or until the day the obligations are otherwise fulfilled  by the nonresident. 4. 9. 3.

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