LAW OF TURKMENISTAN

of October 8, 1993 No. 891-XII

About currency control

This Law determines the general principles of implementation of currency transactions in internal economic circulation and international settlements of Turkmenistan, power and function of state bodies in currency control and management of currency resources, the rights and obligations of residents and nonresidents concerning ownership, use and the order of currency values, the directions of currency exchange control and responsibility for violation of the foreign exchange legislation.

Section I.

Article 1. Basic concepts

In this Law the used concepts mean the following:

"Currency values":

- foreign currency;

- securities - payment documents (checks, bills of exchange, letters of credit and others) and share values (shares, bonds and others) in foreign currency;

- precious metals - gold, silver, platinum and metals of platinum group (palladium, iridium, rhodium, ruthenium and osmium) in any kind and condition, except for jewelry and other household products from these metals and scrap of such products;

- natural gemstones in the crude and processed type (diamonds, diamonds, rubies, emeralds, sapphires, and also pearls), except for jewelry and other household products from these stones and scrap of such products.

"Currency of Turkmenistan" - the manats which are in circulation in the form of bank notes and coins of the Central bank of Turkmenistan and also withdrawn or withdrawn from circulation but subject to exchange for the bank notes which are in circulation; means in manats on accounts in banks and other credit institutes of Turkmenistan.

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