Turkmenistan Approves Scheme of Foreign Currency Reserve Fund’s Operation

BUSINESS TURKMENISTAN
Turkmenistan Approves Scheme of Foreign Currency Reserve Fund’s Operation
The fund’s reserves will be kept at the Central Bank of Turkmenistan.

President of Turkmenistan Gurbanguly Berdimuhamedov signed a Resolution on the issues of Reserve Currency Fund during the video conference meeting of the Cabinet of Ministers on Friday.

During the meeting, the Deputy Prime Minister Gadyrgeldi Mushshikov reported on the fulfillment of the instruction on the regulation of currency funds of legal entities engaged in export operations.

Mushshikov also said that as a result of the work carried out, a draft resolution on the issues of the reserve fund had been prepared.

According to the project, the fund’s reserves will be kept at the Central Bank and foreign currency incomes of ministries, sectoral departments, their subsidiary enterprises, institutions, all legal entities with state participation will be transferred to the fund.

The Head of State noted the necessity of using modern methods of financial management, and of the strict control over the funds from the state budget and revenues from exported goods and services.

The Deputy Prime Minister Mushshikov also reported on practical steps taken to improve licensing. Particularly, the list of authorized bodies, types of work and the size of the state duty were revised in accordance with the new version of the Law of Turkmenistan “On licensing Certain Types of Activities”, Mushshikov reported.

President Gurbanguly Berdimuhamedov stressed the importance of updating regulations in the framework of economic reforms in the country and a gradual transition to market relations and noted the need for proper monitoring of compliance with relevant licensing requirements and conditions.