WNAM REPORT: The President of Turkmenistan signed a law on amendments and additions to the Law “On currency regulation and currency control in foreign economic relations”. The document was published in the newspaper “Neutral Turkmenistan”.
The new law introduces monitoring of foreign exchange transactions, which will be carried out by the Central Bank of Turkmenistan.
The monitoring is aimed at establishing the compliance of currency transactions with the country’s legislation, assessing its effectiveness, and collecting and analyzing data on currency transactions. The Central Bank of Turkmenistan will receive data from residents – participants in currency transactions and currency control agents, and also determine the procedure for conducting inspections and applying financial sanctions for violations.
The law also clarifies the powers of the Central Bank as a currency control body and introduces changes to the procedure for imposing sanctions on residents and non-residents for violations of currency legislation.
