Turkmenistan to establish Reserve Currency Fund
BAKU, Azerbaijan, May 25
By Jeila Aliyeva - Trend:
Turkmenistan will establish a Reserve Currency Fund, Trend reports with reference to Business Turkmenistan information portal.
President of Turkmenistan Gurbanguly Berdimuhammedov signed the submitted resolution on the Reserve Currency Fund during the meeting of the Cabinet of Ministers held via videoconference.
During the mentioned meeting, Deputy Prime Minister Gadyrgeldi Mushshikov made a report on the implementation of the instruction on the regulation of foreign exchange funds of legal entities that deal with exports.
Mushshikov also said that a draft resolution on issues of the Reserve Currency Fund has been prepared.
According to the project, it is planned to have Central Bank of Turkmenistan accumulate foreign currency revenues of ministries, sector departments, the enterprises accountable to them, institutions and all legal entities with state participation.
The president of Turkmenistan highlighted the need to control use of modern methods of financial management, as well as funds from the state budget and revenues from exported goods and services.
During the meeting it was also noted that the country has revised the list of authorized bodies, types of work and the amount of state duty.
The head of state noted the need for proper monitoring of compliance with the relevant licensing requirements and conditions.
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