Turkmenistan is a producer of gas and oil, it possesses the world’s fourth-largest reserves of natural gas and substantial oil resources., its currency which is sovereign, not exchangeable, can only be used within its borders.
How Petroleum Companies are interested in the MANAT Currency
As well, the development of Turkmenistan’s infrastructure imposes on potential investors the sole use of the Manat (TMT) to the exclusion of other currencies. It is the same for the acquisitions of oil, gas, oil research, or others.
While this currency is not freely tradable, it is nonetheless regulated. This regulation of Manat exchanges is conducted by the Central Bank of Turkmenistan, so, in order to be able to trade TMT vs EURO or USD, authorizations are required
Sale of Manat TMT
Before processing your purchasing request, you absolutely must follow these procedural steps:
- The buyer must send his 934 account to check if he is active or not, and his CIS to check if he is not blacklisted somewhere if the purchase will be made in the name of his company, that he adds his company’s commercial register to this file.
- After this stage of verification, exchange, and confirmation of the prices offered,
- After confirmation of the prices on both sides, the buyer prepares an official LOI,
- Exchange of RWAs
- Preparation of contracts for signatures
- Commencement of the Deal