Photo from the archives
Western Union has imposed restrictions on making money transfers from Turkmenistan. Now the country’s residents can send abroad no more than 1050 manats per month ($300 at the government-established exchange rate).
Only WU offices located in the buildings of banks are operational.
Correspondents of “Chronicles of Turkmenistan” are observing huge queues made up of those wishing to use the company’s services: “Residents sign up on the waiting list a week ahead and then come every day to register”.
A large number of people are gathering in front of the banks. These are primarily parents whose children are studying abroad or entrepreneurs who import merchandise from abroad.
Deposit holders are trying to transfer money to bank cards to subsequently convert it abroad using the government-established rate.
Police officers keep watch in front of the Central Bank office located at the Russian bazaar.Heated arguments and fights break out in the queues where people have to queue for days.
No more than 5 people at a time are allowed access to the bank building whereas the rest are urged to wait in the yard.
A maximum of 3500 manats (equivalent to $1000 using the government-established rate) a month can still be credited to a card. Only close family members are entitled to make a money transfer of the maximum amount when it does not exceed the official monthly income.
People in the queues complain that they faced problems even after they managed to transfer money to the account. Foreign banks charge a high commission for cash withdrawal overseas. The Savings Bank of Russia charges 6% whereas Raiffeisenbank withholds 3%.