LAW OF TURKMENISTAN

of October 8, 1993 No. 889-XII

About the Central bank of Turkmenistan

This Law regulates activities of the Central bank of Turkmenistan as national bank, its relation with other banks, guarantees respect for interests of creditors and investors.

Section I. Purposes and tasks of the Central bank of Turkmenistan

Article 1. Determinations

The terms used in this Law have the following values:

- "bank" - the legal entity who is granted the right to raise money from legal entities and physical persons and on its own behalf to place them on the terms of recoverability, the paid nature and urgency, and also to render other banking services;

- "bank account holder" - means any bank having the account in the Central bank of Turkmenistan;

- "debt obligation" designates the debt turnover document or any other means equivalent to such debt obligation, in the form of the certificate or accounting entry;

- "manat" - monetary unit of Turkmenistan;

- "reserve obligation" - the obligation determined by the Central bank of Turkmenistan.

Article 2. Central Bank of Turkmenistan

Central Bank of Turkmenistan is legal entity and has all completeness of the rights according to the laws of Turkmenistan.

The office of the Central bank of Turkmenistan is in Ashgabat. Central Bank of Turkmenistan can establish and contain branches and representations, the Liaison Bureau with other organizations, to determine agents and corresponding banks in Turkmenistan and abroad with functions and obligations according to the legislation of Turkmenistan.

Central Bank of Turkmenistan has seal with the image of the State Emblem of Turkmenistan with the text "Central Bank of Turkmenistan" in the Turkmen, Russian and English languages included in the text of seal.

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