Turkmenistan has set up a Reserve Currency Fund to regulate the foreign currency earnings by legal entities producing for exports. President Gurbanguly Bedymuhamedov signed a relevant decree to this effect at a government meeting.

According to the document, the Fund’s reserves will be accumulated in the Central Bank. Foreign currency earnings by ministries, line agencies, their subordinate enterprises and institutions as well as all partially state-owned legal entities will be transferred to the Fund.

While signing the document, President Gurbanguly Berdimuhamedov noted that in the current situation it is particularly important to use modern management methods in the financial sector and exercise strict control over the targeted use of the state budget and earnings from exports of products and provision of services.