Cashing out money in Turkmenistan

Turkmenistan changed the procedure for cashing out funds for entrepreneurs

The Central Bank of Turkmenistan has made changes to the 14th section of the order “On the issuance of cash or their transfer to the accounts of individuals arriving in non-cash form on the bank accounts of entrepreneurs in authorized credit organizations.”

The changes concern only the national currency.

According to the adopted amendments, private entrepreneurs are allowed to:
• withdraw for business purposes up to 75% of cash per month of the amount deposited in cash on bank accounts;
• withdraw for business purposes up to 50% of cash per month from the received non-cash funds from the payment POS terminals of the entrepreneur;
• withdraw up to 70% of cash per month for an entrepreneur (seller) in his servicing bank for entrepreneurial purposes from received non-cash payments made in cash in his servicing bank by an entrepreneur (buyer) on the basis of a purchase and sale agreement.

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