Turkmenistan introduces non-cash pension system amid economic woes

Turkmenistan has introduced a non-cash system of payment pensions to retirees, as the country experiences an economic downturn and a deficit of foreign currency largely due to decreasing revenues from its main export commodity — natural gas. In May, Turkmenistan’s retirees were informed unexpectedly that starting from June onward their pensions will no longer be handed out in cash in bank offices as before but will be transferred to a bank card for which a bank account needs to be...