Turkmenistan to confiscate unspent cash from Turkmen studyabroad students

According to the news outlet turkmennews, when making money transfers to studyabroad students, parents are required to sign the document certifying that their children will not bring the cash back upon their return to Turkmenistan. This requirement applies to Western Union money transfers.

Bank employees warn money senders that upon entry to Turkmenistan checks will be performed to identify the amount of cash students carry. For instance, if a transfer of $200 was made and at the border the student carries the same or a bigger amount, the entire amount will be confiscated and from now on the students will be prevented from receiving Western Union transfers.

The certificate submitted by parents is a form which indicates the sender's first name and surname, his/her home address and the recipient's personal details. At the bottom of the form a person puts his signature, which certifies that in case of violating the rules he will be deprived of the opportunity to send money overseas.

This measure has been introduced to make sure cash sent overseas at the official dollar exchange rate will not be resold at the black market rateupon arrival.

The news outlet reminds that many residents of Turkmenistan make a living by depositing manats to bank cards at the official rate of 3,5 manats per $1 to subsequently withdraw cash overseas themselves or through acquaintances. The dollars, which are brought back, are subsequently sold at the black market and as a result a person gets five times as much he had initially deposited to the card.

Source: Chronicles of Turkmenistan