Law on currency regulation amended in Turkmenistan

Turkmenistan’s law on "Currency regulation and currency control in foreign economic relations" has been amended.

The foreign exchange transactions between residents and non-residents related to the transfer of the property and the work (services) on the territory of Turkmenistan are carried out only in the national currency, the document said.

The cases, envisaged by the currency legislation of Turkmenistan, the law of Turkmenistan "On Hydrocarbon Resources", acts of the president of Turkmenistan are an exception.

If such currency transactions related to the transfer of the property and work (services) conducted by residents for non-residents are made in a cashless form, they may be made in foreign currency upon the sides’ agreement.

Turkmenistan with its natural gas reserves ranks fourth in the world after Russia, Iran and Qatar, according to British Petroleum (BP) report.

The International Monetary Fund (IMF) indicates that the sharp and sustained decline in the world energy prices is the biggest potential risk to the economic growth of Turkmenistan.

Turkmenistan is currently in a transitional stage of its development.

Over the recent years, the updated constitution of Turkmenistan for the first time included an article about the transition to a market economy.

Turkmenistan has already had several reforms in monetary policy, such as the denomination of the national currency, exchange rate unification, and in 2014 the country has moved on international accounting standards.

/By Trend/