Friday, July 15, 2016

Turkmenistan cracking down on real money

Government wants businesses to “contribute” $100,000. Union of Industrialists and Entrepreneurs will not guarantee return of revenue or future tax breaks.

Banks to monitor wired cash from outside country and issue Turkmen tanat and not dollars. Official rate is 3.5 tanat to the dollar; unofficial local market rate is 5.6-6 tanat to the dollar.

“Starting last August, citizens were limited to exchanging $1,000 each month per person. Tellers at cash exchange points plugged passport details into a computer database to ensure against repeat attempts to change money elsewhere. The $1,000 exchange limit remained in place until November, when it was reduced to a mix of $450 and 500 euros per month.

“The government then introduced a ticket system, whereby people hoping to change their cash were obliged to get onto a waiting list before they could hope to be served.”

http://www.eurasianet.org/node/79636


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