Turkmenistan is in significant economic distress. Its goal is to avoid using cash as much as possible, which makes converting money more challenging while also driving up the price of dollars on the illicit market.
The Turkmenistani manat is used as money in Turkmenistan. There aren’t many operational international banks in the nation because of its isolation. It is better to enter the nation with as much cash as you intend to spend.
In Turkmenistan, the dollar reigns supreme. Bring a lot with you. You cannot purchase with dollars at stores or restaurants, however, you will be required to do so in hotels, at some tourist attractions, and when paying your tour guide. Manat cannot be exchanged for dollars inside Turkmenistan, therefore only exchange the amount you want to be using. Manat cannot be exchanged for dollars from outside Turkmenistan.
Statistics on the number of ATMs in Ashgabat and the velayats of Turkmenistan have been made public by the central bank of the nation.
Number of ATMs in Turkmenistan
As of August 1, 2022, there are 2,152 such devices in use across the nation.
Ashgabat has the most extensive network of ATMs, with 453 units, Mary is in the 2nd spot with 447, and Lebap completes the 3rd place (444). Balkan (279), Dashoguz (283), and Ahal are listed after that (246).
In Turkmenistan, the growth statics of ATMs have generally expanded by 130% during January 2016, in which there were 924 units.
Notice the SCBT “Dayhanbank” (1027 machines) leads all banks in the nation in terms of the number of ATMs, trailed by “Turkmenistan” (437) as well as “Turkmenbashi” (357).
The Turkmen’s President instructed the leaders of the Dahan bank and Central Bank during the working session with the administration of the state’s farming industry that more ATMs needed to be installed in the country’s rural regions.
The Head of the State gave the appropriate instructions to the officials, ordering them to promptly pay agricultural manufacturers for the provided crops, increase the number of ATMs in rural regions, ensure that cash is always available there, and maintain effective control of the process.
The Turkmen’s President observed that a decision to ensure the regular issuing of favorable bank debt to agricultural production for planting crops as well as the acquisition of machinery was enacted and directed the state’s financial information entities to keep this in mind.
The President then tasked Esenmyrat Orazgeldiev, Vice Chairman of the Ministerial Cabinet with taking action to increase the participation of businessmen in agricultural output and improve the nation’s food security. The Vice Chairman was also given instructions by the Turkmen Leader to exert control so over the planned use of the landholdings that were given to members of the private industry.
In remote regions, the bank has set up 512 ATMs as well as 2,296 contactless payments, based on a Dayhanbank report.
Why ATMs Are So Important?
In the development of the banking industry, the introduction of the very first Automated Teller Machine, or ATM, in 1967 in London, UK proved to be a significant turning point. The time when consumers had to drive great distances to reach a local bank or wait in enormous lines for something as simple as withdrawals is gone forever. Customers’ economic lives were made much easier with the advent of the ATM because they could now manage basic transactions independently with the use of an ATM, which was significantly more practical than making regular trips to the bank.
After more than 50 years since the first ATMs were installed, you can now find these devices not just in every nation but also on practically every corner of the street, rendering them quite practical and accessible. Even now in developing countries, you can locate an ATM in almost every area and colony of both small and large cities. The ability for users to transact between banks is another significant advantage of an ATM. This implies you can continue to use basic services like withdrawing cash from the ATM although you don’t have an account with the financial institution that runs the machine.
How Can ATMs Help Small Businesses to Grow?
Small businesses must focus on offering convenient services to their clients if they want to take advantage of the potential that rural areas with high populations present. Offering quick and secure access to money by installing in-store ATMs is one expanding possibility. The probability that customers who withdraw cash from an ATM will purchase a significant amount of the money dispensed in-store will also increase, in addition to the rise in pedestrian traffic that the company owner will observe. Given the growing number of rural area trips available, it is clear that remote regions are becoming increasingly popular tourist attractions.
ATMs are a benefit for customers who require quick cash access and establishments that have them, including shops and restaurants, are usually where customers spend their money initially. T In 2011, the research firm Global Marketing discovered that after customers start to use an in-store cashpoint, the amount of money spent by service station operators often increases by 65 percent, whereas spending nearby ATMs drops sharply after they are removed.
As surveys have shown, users spend a significant part of the cash they withdraw in the same location, making ATMs potential revenue-generating devices. The total expenditure can range from 20% to 80% of the money taken out, depending on the type of business. As a result, the ATM is the best option for you as a company owner to improve your customers’ purchasing power on your property.
ATMs may now act as dynamic kiosks thanks to complex programming technology, which can allow enterprises to increase sales, advertising service offers, and entice repeat business. Due to technology that allows for the display of on-screen video commercials and the ability to print vouchers or barcodes which can be redeemed as part of promotional incentives on ATM bills, consulting company First Data Company. the company observes that third-party marketers are increasingly looking to reach ATM customers.