Turkmenistan: currency dealers, not controlled by the President’s family, are persecuted by the authorities
According to an ACCA source close to the Ministry of National Security of Turkmenistan, a special operation has been carried out in the country since August 1 to eliminate illegal currency traders.
According to our source, law enforcement agencies, together with employees of local branches of the Ministry of National Security, are conducting raids on markets and shopping centers in order to close and completely eliminate points of illegal currency trading throughout the country. From August 1 to the present day, 47 currency traders have been arrested.
The detainees were taken to police stations. One of our anonymous interlocutors said that during the interrogation there were persons in civilian clothes and the police were very afraid of them. Currency traders were forced to confess. Some of them were released immediately after they gave the phone numbers of their patrons and their names. Not a single dollar or a single manat was taken from them, and the police also apologized for the detention. Those, who didn’t have a protector, were arrested for 15 days, their funds were confiscated and huge fines were imposed. The imprisoned currency traders are prohibited from meeting and transferring food to the temporary detention facility. Some currency dealers gave bribes and were released.
ACCA’s source said that the catching of currency traders was organized by the President’s son Serdar Berdymukhamedov and the President’s nephew, who is in charge of currency transactions in the country. There is fierce competition among currency traders on the black market. Most of the black market is controlled by the President’s relatives, they also have access to currency conversion in banks at the state rate of 3,50 manats per dollar. On the black market, the rate is currently 33,50 manats for 1 dollar. It turns out that the President’s relatives earn $ 9,57 from the sale of 1 dollar.
Only those, who work and pay tribute to the President’s relatives, can work in the country as currency dealers. According to our source, during the special operation, over $ 3.5 million were confiscated throughout the country and not a single dollar was transferred to the country’s budget. The money is in the pockets of the presidential family.
It’s worth recalling that since 2015, the Central Bank has been holding back the dollar rate at 3,5 manats per dollar; and since 2016, Turkmenistan has introduced a ban on free currency conversion.
