THE STATE COMMODITY AND RAW MATERIALS EXCHANGE OF TURKMENISTAN
The State Commodity and Raw Materials Exchange of Turkmenistan has been founded by the Decree of the President of Turkmenistan on July 29, 1994 and is the major economic institute of the country, carrying out function of a principal body of state regulation of export-import transactions. The organized mechanism of functioning of a commodity exchange allows it to be integrated into the international economic system successfully.
As against other commodity exchanges, the spectrum of activity of the State Commodity and Raw Materials Exchange of Turkmenistan is extremely wide. It, as a matter of fact, is the universal commodity exchange, accepting and realizing through the tenders various commodity and material assets, except for objects of the intellectual property, product of arts and the real estate. Besides the basic functions of the intermediary and organizer of the civilized wholesale market, which problems are in creation of equal conditions for participants of a commodity exchange, both to business foreign people, and businessmen of Turkmenistan, the increasing and acceleration of commodity circulation, saturation of a home market by the necessary consumer goods, an industrial and technological production and the equipment intended for modernization of an economic complex of the country, on a commodity exchange also are assigned functions of the control over conformity of the established prices for the goods proceeding from their cost price, the state registration of concluded foreign trade contracts and contracts within the framework of a home market of Turkmenistan, duly performance of conditions of the made contracts. Experts of a commodity exchange estimate expediency of import and export of production, carry out the analysis of influence of various factors to import and export of goods and production.
According to the Law of Turkmenistan "About Commodity and Raw Materials Exchanges", participants of the exchange tenders can be the enterprises and the organizations of all patterns of ownership, citizens of Turkmenistan and other states by purchase of a broker place or the conclusion of the contract on service with brokers of a commodity exchange.
Besides contracts with payment in the hard currency, for foreign participants of a commodity exchange the opportunity of the conclusion of the foreign trade contract with payment in national currency of Turkmenistan - manats is given, by accumulation of proceeds from realization of the goods in the market of Turkmenistan on the depositary account in manats in one of banks of Turkmenistan. The depositary account gives the right to foreign participants of a commodity exchange to get the goods in national currency of Turkmenistan at the tenders of a commodity exchange.
At a commodity exchange the automated system of document circulation allowing operatively to supervise passage of contracts and documents, since their input in a database of a commodity exchange and finishing registration and delivery to the client functions. Certainly, the gain of strong positions of the Turkmen goods in the world market needed time and perfection of all forms and methods of work of the main market institute of the country, which in modern conditions is impossible without automation of all processes.
Now at the exchange tenders the goods of a domestic production which are exported to more than 40 states of the world, including Turkey, China, Russia, United Arab Emirates, Iran, Germany, the USA, the Great Britain, Ukraine, Switzerland is realized. Basic articles of export are mineral oil, cotton fiber, production of the domestic textile industry, the chemical industry, etc.
The status of a neutrality of Turkmenistan, a stable political and economic situation, reliable legislative base for foreign investments, involves foreign investors more and more.
Legislative norms and rules of activity of a commodity - raw commodity exchange are constantly improved, harmonized in view of requirements of time, economic policy of the Government of Turkmenistan.
Address: 744000, Turkmenistan, Ashgabat, 52 Archabil av.
Internet address: www.exchange.gov.tm