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LAW OF TURKMENISTAN

of March 25, 2011 No. 167-IV

About the Central bank of Turkmenistan

(as amended on 05-06-2021)

This Law determines legal, organizational and economic basis of activities of the Central bank of Turkmenistan, its relations with public authorities and credit institutes and is aimed at the development and strengthening of bank system of Turkmenistan.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

1. In this Law the following basic concepts are used:

1) debt obligation - the debt turnover document or other document equivalent to it which contains the obligation to make execution to the holder of the document;

2) refinancing - credit granting system the Central bank of Turkmenistan of the credit institutes registered in Turkmenistan;

3) corresponding banks - banks with which the Central bank of Turkmenistan establishes correspondence relations;

4) the financial instrument - the financial record based on which at the same time arise financial asset at one party and the financial liability - at another;

5) converting of manat - exchange of national currency of Turkmenistan for foreign currency;

6) the agent of the Central bank of Turkmenistan - the physical person or legal entity representing the interests of the Central bank of Turkmenistan in public authorities court and the international organizations;

7) bank notes of Turkmenistan - banknotes and coin of the Central bank of Turkmenistan.

2. All other concepts are used in this Law in the values determined by civil and other legislation of Turkmenistan, and also the relevant articles of this Law.

Article 2. Legislation of Turkmenistan on the Central bank of Turkmenistan

1. The legislation of Turkmenistan on the Central bank of Turkmenistan is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan regulating banking activity.

2. If the international treaty of Turkmenistan establishes other rules than containing in this Law, then rules of the international treaty are applied.

Article 3. Central Bank of Turkmenistan

1. Central Bank of Turkmenistan is national bank of Turkmenistan.

2. Central Bank of Turkmenistan is accountable to the President of Turkmenistan.

3. Central Bank of Turkmenistan is headed by the Chairman of the Central bank of Turkmenistan.

The chairman of the Central bank of Turkmenistan, vice-chairmen of the Central bank of Turkmenistan are appointed to position and dismissed by the President of Turkmenistan.

4. Central Bank of Turkmenistan performs the expenses at the expense of own income.

5. Central Bank of Turkmenistan performs powers on ownership, use and the order of the capital and other property of the Central bank of Turkmenistan according to this Law. Withdrawal and encumbrance by obligations of the specified property without the consent of the Central bank of Turkmenistan is not allowed if other is not provided by this Law and other regulatory legal acts of Turkmenistan.

6. Central Bank of Turkmenistan is legal entity.

7. Central Bank of Turkmenistan has seal with the image of the State Emblem of Turkmenistan and text of "Turkmenistanyt Merkezi banky".

8. Use of abbreviation of TMB, and also the word "Merkezi" in names and symbolics of other credit institutes is not allowed.

9. Central Bank of Turkmenistan has the right to create branches, representations, the companies, organizations, the organizations, to determine agents of the Central bank of Turkmenistan and corresponding banks in Turkmenistan and abroad according to the procedure, established by the legislation of Turkmenistan.

10. Central Bank of Turkmenistan is banker, the adviser and the fiscal agent of the Cabinet of Ministers of Turkmenistan.

11. The location of the Central bank of Turkmenistan (central office) is the city of Ashgabat.

Article 4. Acts of the Central bank of Turkmenistan

1. Central Bank of Turkmenistan on the questions carried to its competence by this Law develops and approves the regulatory legal acts obligatory for public authorities of credit institutes and their clients, other physical persons and legal entities which are in the territory of Turkmenistan.

2. Regulatory legal acts of the Central bank of Turkmenistan are subject to state registration according to the procedure, established by the legislation of Turkmenistan.

3. Central Bank of Turkmenistan for the purpose of ensuring functioning of system of the Central bank of Turkmenistan and regulation of activities of credit institutes issues also other acts.

4. Regulatory legal acts of the Central bank of Turkmenistan in necessary cases in full go to all registered credit institutes.

5. Regulatory legal acts of the Central bank of Turkmenistan have no retroactive force.

6. Voided

7. Regulatory legal acts of the Central bank of Turkmenistan are published according to the procedure, established by the legislation of Turkmenistan, and posted on the official site of the Central bank of Turkmenistan.

Chapter 2. Purposes, main objectives and functions of the Central bank of Turkmenistan

Article 5. Purposes and main objectives of the Central bank of Turkmenistan

1. The purposes of the Central bank of Turkmenistan are:

1) ensuring stability of manat;

2) development and strengthening of bank system of Turkmenistan.

2. Profit earning is not the purpose of activities of the Central bank of Turkmenistan.

3. The main objectives of the Central bank of Turkmenistan are:

1) creation of necessary legal conditions and guarantees for functioning of bank system of Turkmenistan;

2) carrying out effective single state monetary policy;

3) organization of cash circulation;

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