RESOLUTION
OF THE PRESIDENT OF TURKMENISTAN
#2 1603 ON THE GUARANTEES OF PROTECTION OF FOREIGN INVESTMENT AND CAPITAL
With the aim of protection
of the interests and legal rights of foreign investors in Turkmenistan and to
secure the guarantees of foreign investments and capitals, I decree:
1. To establish that foreign investments, the property and the capitals of foreign
investors in Turkmenistan are under the state protection. The state government
bodies are prohibited to impose any limitations for the right of usage of the
property and the capitals of investors, except the cases of committing by the
investors illegal actions, specified in the Law.
2. To guarantee to the investors and foreign workers the right of free transfer
outside Turkmenistan belonging to them capital and property in the order, determined
by Turkmenistan's legislation on currency regulation.
To establish that the foreign investors' deposits in the banks of Turkmenistan,
shares, belonging to them, securities and other payment means can not be the
object of restriction of the Central and Commercial banks of Turkmenistan.
3. The Central and Commercial banks of Turkmenistan are to secure the right
of foreign investors to keep current and pay accounts in the banks in national
currency of Turkmenistan and in currency of other states. To insure free access
of foreign investors and the holders of means in banks to the inner currency
market of Turkmenistan to acquire the currency of Turkmenistan and foreign currency
in accordance with the legislation on currency regulation.
4. The Central bank of Turkmenistan is to provide out of turn right to transfer
means in manats, acquired by foreign investors for the hard currency, into the
currency of other states and to transfer it abroad.
5. To guarantee to the foreign investors the urgent right to use means in manats
earned from the sale of production and services in Turkmenistan, for the purchase
of goods and production including cotton-fibre, oil products, yarn, wool, carpets
and carpet articles with providing the right for their export without licence.
6. To allow the Central bank of Turkmenistan to be a guarantee of safety of
foreign investors' means, deposited in the banks of Turkmenistan, with the exception
of the losses of currency and commercial risk by the owners of the means.
7. The Central bank and the Commercial banks of Turkmenistan are to provide
a strict observance of the legislation on the protection of the investments'
secrecy. To institute criminal proceedings against the guilty of divulgence
of the investments' secrecy of private persons, enterprises and organizations
of non-state sector of economy, foreign firms, companies, share societies and
organizations.
8. To make the Ministry of Justice of Turkmenistan and the Central bank of Turkmenistan
responsible for the fulfilment of the present resolution.
PRESIDENT OF TURKMENISTAN
SAPARMURAT TURKMENBASHY
Ashgabat , 26, November,1993