Turkmenistan - Foreign Exchange ControlsTurkmenistan - Foreign Exchange
Turkmenistan redenominated its national currency – the manat – and reduced the face value of bills by a factor of 5,000 at the beginning of 2009. The exchange rate was fixed at 2.85 Turkmen manat per USD 1 until January 1, 2015, when it was devalued to 3.5 manat per U.S. dollar.
Plummeting global prices for oil and gas have slowed Turkmenistan’s economy and put pressure on its national currency. The Government of Turkmenistan started initiating significant limitations on foreign currency exchange in October 2015. New limitations on foreign currency exchange have spurred a higher black market exchange rate for USD, and the government introduced an amendment to the Administrative Offences Code levying higher fines for illegal foreign exchange transactions. Even more severe limitations on foreign currency exchange were implemented early 2017. There have been reports throughout the year of foreign companies downsizing or halting their businesses due to an inability to repatriate their profits and pay off debts denominated in dollars.
Turkmenistan Market Access Foreign Exchange