On 28 February holders of VISA bank cards received text messages from Vnesheconombank that withdrawals had been made from their accounts.The bank staff explained that all their money is “safe” but that credits in US dollars on international VISA cards (which allows withdrawing cash abroad) had been converted into manats at the official rate and credited to their national bank cards (to which salaries and allowances are transferred in Turkmenistan).
As of 3 March, 2022 on the Ashgabat “black market” a dollar was bought at 19,5 manats and sold at 19,8 manats. The official exchange rate established by the government remains the same, at 3,5 manats per dollar.
Correspondents of “Chronicles of Turkmenistan” have reported a number of such cases. It remains unknown whether all VISA card holders will be affected.
People are shocked because they were sure that their money would be kept in foreign currency and when air services are resumed, they would be able to use international bank cards during their trips abroad.
Residents were previously able to use the foreign currency conversion at the official rate with some limitations and made partial transfers to their VISA cards.Initially, the limit was $300 a month if the source of income (a salary, a retirement benefit or proceeds from the sale of cattle) was confirmed.
The limit was subsequently gradually reduced, and by 2021 was down to $50 a month.
For each deposit, regardless of the amount, a bank fee of 60 manats was charged.When the money was converted back to manats, the service fee was not reimbursed.The post Customers of Turkmenistan’s Vnesheconombank are told that dollars in their foreign currency accounts had been converted into manats at the official rate first appeared on Chronicles of Turkmenistan.