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Turkmenistan creates a reserve currency Fund

Turkmenistan creates a reserve currency Fund

Due to the difficult situation in the world economy caused by the coronavirus pandemic, Turkmenistan has started creating a reserve currency Fund. The corresponding draft Resolution was presented at a Government meeting by Deputy Prime Minister for economy Gadyrgeldi Mushshikov, who reported on the implementation of the instruction on regulating the currency of legal entities that export.

Recall that at the last meeting of the Cabinet of Ministers of Turkmenistan, President Gurbanguly Berdimuhamedov instructed G. Mushshikov to review the current procedure for currency operations as a temporary measure, obliging domestic exporters to transfer foreign currency in full to the Stabilization Fund in exchange for conversion in the national currency.

According to G. Mushshikov, in accordance with the submitted document, the funds of the Fund are planned to be concentrated in the Central Bank and to transfer to it income in foreign currency of ministries, branch departments, their accountable enterprises-institutions, all legal entities with state participation.

Having approved and signed the submitted Resolution "On issues of the reserve monetary Fund", the head of Turkmenistan sent it to the Deputy Prime Minister on the electronic document management system, instructing him to keep the strict implementation of the tasks in the center of attention, the state news Agency of Turkmenistan reports.

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