III Currency, Controls, Weights and Measures

The national currency is Manat, which was introduced in 1993. There are 50, 100, 500, 1000, 5000 and 10,000 Manat bills in circulation.

Exchange Controls and Banking Facilities

Exchange offices are available in large hotels, banks and the airport. One dollar is equivalent to 5,200 Manats according to the official rate. The Central Bank, State Bank for Foreign Economic Relations, Gazbank, Commercial Bank, Senegat, Ashgabat Bank, Daykhanbank, Turkmen Bank, Turkmen-Turkish Commercial Bank, National Bank of Pakistan, Bank Sadarat of Iran and the Russian Credit Bank are the notable banks in Ashgabat.

Credit cards and traveler’s cheques are usually not accepted. Only cash payments are valid. An unlimited amount of foreign currency may be imported. The exact amount must be declared on arrival. The US dollar is basically a second local currency and is accepted everywhere. US $ bills older than 1991 are not accepted. It is not permitted to export more US dollars than the amount originally declared on arrival.

It is possible to import many items free of duty, but exporting anything from Turkmenistan can be difficult. Electronics, not taxed, have to be declared upon arrival. Permission from the Ministry of Culture is required for export of carpets and other artifacts. An export certificate is issued by the Carpet Museum after a fee payment in Manats, which is determined on the basis of the carpet size. Carpets made before 1970 can not be exported at all.