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