Turkmenistan’s entrepreneurs have been denied currency conversion for five months in a row

Correspondents of Chronicles of Turkmenistan report that entrepreneurs have been deprived of the opportunity to convert their funds in the banks for five months in a row.

Over the past four years only 2% of the amounts kept on bank accounts were allowed to be converted at the official rate. According to businessmen, they had experienced some occasional problems before, but they did not last for over two months.

In the past five months small and medium business owners have been paying daily visits to the banks but in vain. They were recently informed that the currency conversion problem can be solved only in the Central Bank. However, the Central Bank staff failed to resolve the issue.

Residents complain that in case they fail to make payments to their suppliers pursuant to contracts, they will have to pay penalty fees and fines. On the other hand, they are unable to pay fines to overseas partners.

Consequently, there is no profit. At the same time, entrepreneurs are obliged to cover the patent fee, which amounts to 720 manats a year.

Source: Turkmenistan.ru