Turkmenistan adopts new currency regulation order

Business Materials 3 October 2011 13:21 (UTC +04:00)

Turkmenistan, Ashgabat, Oct.3 / Trend, H. Hasanov /

The Turkmen Parliament adopted a law "On currency regulation and currency control in foreign economic activities", an official Turkmen source said on Monday.

According to the source, the legislative act is designed to "contribute to sustainable national economic growth and ensuring economic security, as well as create conditions for further integration into the modern world economic system".

This document was submitted to the parliament for consideration in August 2010.

As was reported earlier, the main goals of the draft law are: bringing national legislation regulating the banking system in line with international standards, improving the efficiency of banking institutions related to the implementation of strategic programs for socio-economic development of Turkmenistan, and the further strengthening of reliability and stability of national currency.

The question is also about ensuring openness and transparency in banking operations, introducing international experience in matters relating to lending and project financing, improving the control system during export-import operations, introducing an effective system to combat money laundering and terrorist financing and defining order in international management insurance.