Turkmenistan to Revise Order of Foreign Currency Operations

BUSINESS TURKMENISTAN
Turkmenistan to Revise Order of Foreign Currency Operations
President of Turkmenistan instructed to study the possibility of revising the current order of foreign currency operations as a temporary measure.

During the video conference meeting of the Cabinet of Ministers of Turkmenistan on Friday, President of Turkmenistan Gurbanguly Berdimuhamedov instructed the Deputy Prime Minister Gadyrgeldi Mushshikov and head of the Central Bank Merdan Annadurdiyev to hold a meeting to discuss the current situation in the world economy.

It is necessary to study the possibility of revising the current order of foreign currency operations as a temporary measure and prepare a draft of the relevant Government Resolution, the Head of State noted.

Presently, all foreign currency earnings, not 50%, of enterprises, organizations and private firms exporting products should be transferred to State Stabilization Fund, said Turkmen President. The compensation for these funds should be paid in national currency.

The Head of State instructed to create a commission for the purchase of necessary goods such as medicines and construction equipment and determined that the main task of this structure is to consider the issue of converting funds of enterprises and organizations in national currency into foreign currency for this purpose.

President Gurbanguly Berdimuhamedov also signed a Resolution on the preparation of the draft State Budget for 2021. Turkmen President said that in the preparation of the State Budget, a special attention should be paid to social issues, raising wages and increasing spending on education and health care.