Central Bank of Turkmenistan to strengthen control over currency transactions

Turkmenistan, Ashgabat, July 19 /Trend, H. Hasanov/

Turkmenistan's President Gurbanguly Berdimuhamedow instructed the Turkmen Central Bank to explore all transactions made by ministries and branch departments of Turkmenistan in foreign currency in detail, a Turkmen government report stated.

According to the report, foreign transactions are to be kept under constant control. Corresponding suggestions are to be prepared and presented when needed.

In Turkmenistan, at the last governmental meeting, the Central Bank leadership presented the report on the income of foreign exchange funds to the accounts of ministries and departments of the country and on the measures taken to retain stable exchange rate of the national currency, the manat.

Summarizing the report, Berdimuhamedow stressed the necessity to continue purposeful work on improvement of the banking system, to bring financial reporting in accordance with the international standards, to stimulate investment activity.

The Turkmen government also noted, that in this context, the head of state mentioned cement produced in the country as an example.

"The Ministry of Industry sells cement to foreign companies in a freely convertible currency. On the one hand, it violates the law that the only means of payment in our country is manat", the report says.

It is noted, that on the other hand, if is to sell cement in manats, then any significant income in foreign currency is lost.

In connection with this, Berdimuhamedow instructed the CB leadership to explore the question from the point of view of obtaining optimal economic profits.

In recent years, Turkmenistan shifted towards a gradual transition to market economy, which was reflected in the Updated Constitution. At this stage, some measures have taken in the country towards this; the denomination of national currency, unification of exchange rates and a transition to international accounting standards is planned.

The necessity to intensify transition to full-fledged market economy was pointed to the Madjlis (Parliament) of the country lately. For these purposes, a package of laws titled "About Foreign Investments", "About the property", "On Budget System" should be updated.

Turkmenistan is rich with natural gas, cotton and grain export volumes are produced here, diversification of economy is carried out- textile industry and oil and gas processing industries have greatly improved.

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