Banks in Turkmenistan

The Central Bank of Turkmenistan forms the first tier of the banking system. It handles licensing, registration, banking regulation and supervision, including prudential requirements, inspections and sanctions. The second tier consists of licensed credit institutions, including banks, non-bank credit institutions and registered branches of foreign banks. A recent Central Bank bulletin listed 10 registered banks, including Rysgal and the Bank Saderat Iran branch; the current register should be checked directly with the Central Bank because the list and operating status can change. Examples of local banks include the State Development Bank, State Bank for Foreign Economic Affairs, Daýhanbank, Türkmenistan, Türkmenbaşy, Halkbank, Senagat and Türkmen-Turkish JSCB. Banks offer accounts in Turkmenistan manat (TMT) and foreign currencies, demand and fixed-term deposits, loans, cash services, payment transfers, foreign-exchange transactions, guarantees, leasing, factoring, safe-deposit services and selected trust, advisory and information services. Individuals can generally choose a bank and hold accounts as citizens, foreign citizens or stateless persons. Companies and individual entrepreneurs may use several banks, but the law can limit each settlement account and current foreign-exchange account to one bank. A personal account application normally requires an identity card or passport. A company account usually requires registration and charter documents, tax, registration and insurance records, and signature or stamp cards. Halkbank reports opening or closing an account within one banking day when the complete documentation is provided. Payment options include cash, bank transfers, card-to-card transfers, point-of-sale terminals, ATMs, e-commerce, QR, NFC and contactless payments. Local card brands include Altyn Asyr, Millikart, Maşgala and Goýum bank kartasy, while banks also issue debit, deposit, salary, credit, family, entrepreneur and digital cards. Some banks offer Visa and Mastercard cards, including Visa Virtual cards for online purchases, services, tickets and hotels. Western Union transfers have been reported through credit institutions, but the current provider list and availability depend on the bank. International cards and foreign payments can also be affected by foreign-exchange controls, acceptance limits, sanctions and bank-specific service restrictions. Internet and mobile banking are not uniform across the country. Depending on the bank, services may include balance and transaction history, electronic statements, payment orders, card-to-card transfers, online card applications, bill payments, loans and deposits. Examples of named services include Daýhanbank Menzilara, Halkbank Sanly Töleg, Elektron Söwda, Halkbank Terminal, Galtaşyksyz Töleg, Menzilara Bank, Sanly Kart, Sanly Töleg and Sanly Karz. Confirm the exact functions, registration process and availability with the selected bank. Deposit products can be demand, fixed-term, pension or targeted deposits. A bank may set minimum balances, replenishment rights, withdrawal restrictions and different rates. Published examples include a Halkbank demand deposit with a minimum of 2 TMT and a listed rate of 5%, a Halkbank MÖHLETLI goýum bank karty with a one-year term, a 5% rate and a minimum of 2,000 TMT without partial withdrawal, and TNBK products with minimums ranging from 100 to 50,000 TMT depending on the product. These examples are not general national conditions. The contract should state the interest rate, fees, service costs, term, early-termination rules and liability provisions. Turkmenistan has a mandatory deposit-guarantee system operated through a Central Bank fund. It guarantees 100% of a covered deposit at each participating bank, regardless of how many accounts the depositor holds at that bank. Foreign-currency deposits are paid in TMT at the Central Bank exchange rate. Accrued interest, bearer deposits, credit cards, securities, trust arrangements, foreign bank branches, entrepreneur accounts and security accounts are excluded under the stated rules. In a liquidation, the Central Bank should provide information within up to 14 working days after the relevant conditions are met, and payment should follow within up to 5 working days after complete documents are submitted. A reserve shortfall can delay payment by up to 45 calendar days. Banks set their own tariffs. One published TNBK example lists 20 TMT for a resident settlement account, 10 TMT for a deposit account, 1 TMT for a pension deposit and 50 TMT for a non-resident settlement account; interbank transfer fees in that tariff range from 2 to 200 TMT. These figures describe one bank's tariff, not a nationwide fee schedule. Retail cash transactions and services are generally conducted in TMT, subject to legal exceptions. Residents and non-residents may hold foreign-currency accounts with authorised credit institutions under Central Bank rules, and some transactions may require foreign-exchange control, registration, notification or a transaction passport. A bank must provide contractual information before an agreement is concluded. Banking secrecy covers accounts, transactions, deposits and accountless transfers, subject to disclosure to the customer or representative and legally authorised bodies such as the Central Bank, supervisory and anti-money-laundering authorities, courts, investigative bodies and tax authorities. A customer should keep a card PIN secret, avoid lending the card, contact the bank or hotline immediately after loss, block the card and request a replacement. SMS alerts and transaction controls can reduce the impact of unauthorised use. Regional access is mainly provided through branches and agents, with wider availability in Ashgabat and velayat centres; no separate municipal banking rule is established for this country-wide scope.