Includes information on business customs, travel advisory, visa requirements, and other aspects of international travel.
Methods of Payment
Bank transfers and Letters of Credit are the most common methods of payment.
For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.
The largest state banks include: the State Bank for Foreign Economic Relations (Vnesheconombank), Dayhanbank, Turkmenbashy Bank, Turkmenistan Bank, and Halk Bank. These banks have narrow specializations—foreign trade, agriculture, industry, social infrastructure, and savings and mortgages, respectively. Senagat Bank took over Garagum Bank in 2017 and now is the sole remaining local bank providing general banking services for businesses. In September 2011, the government established the State Development Bank to provide loans to state-owned and private enterprises implementing projects that increase production and create jobs. The government also established Rysgal Bank in 2011 to provide general banking services to the members of the Union of Industrialists and Entrepreneurs.
There is only one foreign commercial bank in the country: Turkmen-Turkish bank (in partnership with Ziraat Bank). German Deutsche and Commerz banksprovide European bank guarantees for companies and for the Turkmen government; they do not provide general banking services. Companies increasingly report dealing with vendors only in cash as vendors report difficulties accessing their money in bank accounts. More detailed information on the payment system of Turkmenistan is available in English at the website of the Central Bank of Turkmenistan (https://www.cbt.tm/en/).
Foreign Exchange Controls
The government strictly controls foreign exchange flows and limits on currency conversion make it difficult to repatriate profits or make payments to foreign suppliers. In 2022 the black-market rate was relatively steady at around 19 manat/dollar, roughly 5 times the official rate.
U.S. Banks and Local Correspondent Banks
There are no U.S. banks in Turkmenistan.
For additional information, visit the U.S. Department of State Investment Climate Statements.