Public ID: PID-E9PML9
Mandatory conversion of overseas business revenues into local currency in Turkmenistan
Trade barrier summary
The company has informed us that their revenues, previously received in USD, had to be converted into local currency, Manat, starting from May 2020. A decree of the President of Turkmenistan "On the establishment of a temporary reserve currency fund", No 1766, requires all income received in foreign currency to be transferred to a temporary reserve currency fund in Turkmenistan. This means that overseas businesses revenue has to be converted into the local currency Manat, and is an additional factor to consider when doing business in the market.
30 June 2020
18 December 2020