Turkmenistan has created a Reserve Currency Fund

Turkmenistan has created a Reserve Currency Fund

President Gurbanguly Berdimuhamedov, at a government meeting via video link, signed a Resolution “on issues of the Reserve Currency Fund”.

In accordance with the document, resources of the Fund are planned to be concentrated in the Central Bank and transfer to it foreign currency income of ministries, branch departments, enterprises and institutions accountable to them, as well as all legal entities with state participation.

Signing the document, the President noted that in the current conditions, the application of modern management methods in the financial sphere and strict control over the targeted use of state budget funds and cash receipts from exporting products and rendering services is becoming particularly relevant.

At a government meeting last Friday, the President of Turkmenistan assigned the government’s economic bloc to develop a new currency regulation procedure as a temporary measure, in conjunction with the difficult situation in the world economy.