President of Turkmenistan Serdar Berdimuhamedov approved a law that amends the existing Law on Currency Regulation and Currency Control in Foreign Economic Relations.
As reported on Saturday by the newspaper Neutral Turkmenistan, the new provisions aim to implement monitoring of currency transactions, which will be carried out by the country's Central Bank.
The goal of this monitoring is to ensure compliance of currency transactions with national legislation, enhance their effectiveness, and collect and analyze data. According to the document, the Central Bank will receive expanded powers, including the right to request information from residents involved in currency transactions and currency control agents. Additionally, a procedure for inspections and the introduction of financial sanctions for violations will be developed.
The amendments clarify the role of the Central Bank as the currency control authority and introduce new procedures for imposing sanctions that apply to both residents and non-residents.
These measures aim to increase the transparency of foreign economic operations, improve the currency regulation system, and strengthen financial stability in the country.
