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Turkmenistan changes procedure for issuing money to entrepreneurs

Finance Materials 9 July 2020 16:37 (UTC +04:00)
Turkmenistan changes procedure for issuing money to entrepreneurs

BAKU, Azerbaijan, July 9

By Jeila Aliyeva - Trend:

Turkmenistan has amended the procedure for cashing in the national currency for entrepreneurs, Trend reports with reference to the Turkmenportal information portal.

Thus, under the new changes, for business purposes, entrepreneurs are allowed to withdraw up to 75 percent a month of the amount that came on the card in cash, and up to 50 percent of the money received to the card through POS terminals.

Furthermore, the entrepreneur (seller) can also withdraw up to 70 percent of the money received on the card from customers in cash, on the basis of the purchase and sale agreement.

As was reported earlier, the Central Bank of Turkmenistan, together with the local Rysgal joint-stock commercial Bank, carried out work on the introduction of a system of rapid payments in the country to diversify methods and mechanisms for conducting non-cash payments using QR codes.

Earlier, the State Bank for Foreign Economic Affairs of Turkmenistan expanded the range of non-cash payments by introducing a new bank card called Milli VISA Karty.

The card is supposed to improve the country's banking sector, and also make it possible to connect the national payment system of Turkmenistan to the modern international network.

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Follow the author on Twitter: @JeilaAliyeva

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