Turkmenistan Makes Changes to Procedure For Cashing Out Entrepreneurs' Funds

BUSINESS TURKMENISTAN
Turkmenistan Makes Changes to Procedure For Cashing Out Entrepreneurs' Funds
The changes concern only the national currency.

The Central Bank of Turkmenistan amended the 14th section of the procedure “On the issue of cash or their transfer to the accounts of individuals, received in cashless form to the bank accounts of entrepreneurs in authorized credit organizations”, Turkmenportal reported on Wednesday.

The changes concern only the national currency.

According to the adopted amendments, private entrepreneurs are allowed to:

  • withdraw for business purposes up to 75% of cash per month from the amount deposited in cash to bank accounts.
  • withdraw for business purposes up to 50% of cash per month from received non-cash funds from the entrepreneur’s POS payment terminals.
  • to withdraw up to 70% of cash funds per month from received non-cash payments made in cash in their servicing Bank by the entrepreneur (buyer) on the basis of the purchase and sale agreement for business purposes in their servicing Bank.