The government will change the procedure for foreign exchange transactions

The government will change the procedure for foreign exchange transactions

All foreign currency funds received by Turkmen exporters will be transferred to the Stabilization Fund of Turkmenistan and compensated in the national currency. This will be a temporary measure in connection with the crisis in the global economy, as was emphasized at a government meeting on May 15th, reports TDH.

President Berdimuhamedov instructed the necessary documents to be developed by Deputy Prime Minister Gadyrgeldy Mushikov, who oversees the financial and banking sector. Until Monday, the government was also instructed to create a commission that will decide on the conversion of funds for domestic enterprises and organizations into foreign currency for the purchase of important products. First of all, it will be medicines and construction equipment.

Earlier, 50% of the income of enterprises, institutions and private firms in foreign currency was directed to the Stabilization Fund of the country. These funds were also offset in the national currency.

A stabilization fund was established in Turkmenistan in 2008 and is a mechanism designed to minimize the wobble of external crisis phenomena. Its basis – or income – is the balance of surplus funds of the state budget.

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