Turkmenistan’s Central Bank changes rules for int'l money transfers

Finance Materials 23 June 2020 13:51 (UTC +04:00)
Turkmenistan’s Central Bank changes rules for int'l money transfers

BAKU, Azerbaijan, June 23

By Jeila Aliyeva - Trend:

The Central Bank of Turkmenistan has increased the limit for international money transfers through Western Union (money transfer system) for citizens who cannot return to the country due to the coronavirus pandemic, Trend reports with reference to Turkmenportal.

Such transfers are possible from June 22, 2020 and the amount of money transfers is set at $500 per month.

However, such payment method does not apply to citizens studying abroad. They can carry out exchange operations in accordance with the previously established conversion procedure for students abroad based on the list of international universities approved by the Ministry of Education of Turkmenistan.

The maximum amount of funds that can be transferred to VISA and MasterCard cards for citizens studying abroad is $300 per month, while money transfer limit via Western Union, MoneyGram is $200 per month.

The Central Bank of Turkmenistan, together with the local Joint-Stock Commercial Bank (JSCB) Rysgal, was working on introduction of QR code payments system in the country. It is about using various methods and mechanisms for conducting cashless payments via QR codes.


Follow the author on Twitter: @JeilaAliyeva