RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of October 1, 2001 No. 5393

About implementation and servicing of payment cards in the territory of Turkmenistan

For the purpose of enhancement of monetary and credit system of Turkmenistan, further development of clearing settlements, accelerations of turnover of money in national economy, and also attraction of cash of the population in non-cash money turnover on the basis of wide circulation of the international and local payment cards in Turkmenistan I decide:

1. Approve the enclosed Regulations on use of payment card systems in Turkmenistan.

2. Create under the Central bank of Turkmenistan Altyn asyr payment service provider on servicing of payment cards in the territory of Turkmenistan.

3. To the Central Bank of Turkmenistan and other banks of Turkmenistan having own payment systems on servicing of payment cards in 6-month time to bring departmental regulations into accord with this resolution

4. Permit the companies and the organizations of all patterns of ownership enabling sales of goods (works, services) in cash, to conclude with authorized banks of Turkmenistan - merchant acquirers of the agreement on acceptance and servicing of payment cards for implementation of clearing settlements.

5. To impose control over the implementation of this resolution on the Vice-chairman of the Cabinet of Ministers of Turkmenistan Kandymov S.

Approved by the resolution of the President of Turkmenistan of October 1, 2001 No. 5393

Regulations on use of payment card systems in Turkmenistan

This Provision establishes procedure for issue, servicing and carrying out calculations for transactions with use of payment card systems in the territory of Turkmenistan.

I. General provisions

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