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
The first obligation for a potential investor is to have an ISO 934 account, the only account that can receive Manats. It should be noted that multi-currency accounts are not authorized to collect this TMT currency.