Forex trading in Turkmenistan operates under stringent foreign exchange controls implemented by the government. The Government of Turkmenistan initiated significant limitations on foreign currency exchange starting in October 2015, introducing amendments to the Administrative Offences Code that levy higher fines for illegal foreign exchange transactions (1). These strict controls restrict currency conversion and create challenges for businesses attempting to engage in international financial activities or repatriate profits.
The Central Bank of Turkmenistan plays a crucial role in monitoring and regulating all foreign exchange transactions within the country. The new law introduces monitoring of foreign exchange transactions, which will be carried out by the Central Bank of Turkmenistan, aimed at establishing compliance of currency transactions with the country's legislation, assessing effectiveness, and collecting data on currency transactions (2). The Central Bank determines procedures for conducting inspections and applying financial sanctions for violations of currency legislation.
"The monitoring is aimed at establishing the compliance of currency transactions with the country's legislation, assessing its effectiveness, and collecting and analyzing data on currency transactions."
While there is no explicit prohibition on forex trading for retail investors, the practical regulatory environment makes it extremely challenging. Residents must conduct international transactions predominantly using the national currency, and exchange of foreign currencies is restricted to designated banks and authorized financial institutions. Online forex trading through international platforms remains in a regulatory gray area, with potential violations of currency control laws carrying significant penalties under Turkmenistan's strict enforcement regime.
Source:
https://legacy.export.gov/article?id=Turkmenistan-Foreign-Exchange-Controls
https://www.turkmenportal.com/en/blog/85613/the-central-bank-of-turkmenistan-will-begin-monitoring-foreign-exchange-transactions
Last updated: 15-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
