New Cash Withdrawal Limits Introduced for Turkmen Businessmen
On November 4, Turkmenistan's Central Bank introduced limitations on the amount that businesses can withdraw from the country’s banks. The maximum amount that a private entrepreneur or a business may currently withdraw is USD 1000 per month. Such limitations will likely force businesses to hide income, which will in turn lead to less money going to the state treasury in the form of taxes.
Source: Turkmenistan Chronicles Delegation of European Bank for Reconstruction and Development Holds Talks at Foreign Ministry of Turkmenistan
Representatives of the European Bank for Reconstruction and Development (EBRD), headed by General Counsel Maurice Emmanuel, held talks at the Ministry of Foreign Affairs of Turkmenistan. At the meeting, the parties discussed prospects of cooperation between the Government of Turkmenistan and the EBRD, and in particular, the EBRD’s strategy and role in promoting market reforms in Turkmenistan. The parties also discussed the opening of a permanent office of the EBRD in Turkmenistan.
Source: Turkmenistan.ru British Company to Build Infrastructural Facility at Turkmenistan-China Gas Pipeline
The Turkmengaz State Concern will sign a contract with Petro Gas LLP (UK) to design and build of an infrastructural communication facility at the intersection of the second gas pipeline from Turkmenistan to China and the Amu Darya River. President of Turkmenistan Gurbanguly Berdymukhamedov signed a decree to this effect, “with the view of increasing the volume of exports of Turkmen natural gas to foreign countries.” According to the document, construction should start in November 2013 and would be slated for completion in March 2015.