Turkmenistan, Ashgabat, August 18 / Trend G. Hasanov /
Turkmenistan is conducting fundamental reforms in the banking system. A strong banking center as a guide to a single credit, emissive and currency policy and cash and credit markets are being formed, an article published in the "Neutral Turkmenistan" newspaper said on August 17.
Turkmen State Bank Chief Specialist for Foreign Economic Affairs, Kurban Shyhlyev, said it is expedient for Turkmenistan to turn its attention to the experience of countries which are developed in this sphere.
Turkmenistan's loan system is being redesigned. Relations between the central bank and financial-loan institutions are being modified. A new ratio in the dynamics of the public and private sectors is taking shape.
Specialists from the banking sector said that the necessary legislative base for the information- communication technologies sphere in Turkmenistan has been created. Modern software products are continuing to be introduced. Qualified personnel are being trained.
Turkmen banks are interested in expanding the list of services offered to corporative clients and diversifying their own business through the development of retail transactions. E-service technologies for clients are being actively introduced: services provided by bank cards, services allowing clients to manage their bank account from long-distances and other Internet services.
One of the priority spheres is transactions made with plastic credit cards. At present, there are two groups of payment system operating on the credit card market - the international 'VISA' and a national one.
Many banks have continued to introduce e-technologies in their transaction systems. The Turkmen State Bank for Foreign Economic Affairs became a full member of the international payment association of 'VISA International' in 1994. It has issued and served three kinds of 'VISA' cards, including 'Business', 'Classic' and 'Elektron' for 15 years.
A project has recently been launched to issues and serve the 'VISA Gold' card. Moreover, the Turkmen State Bank for Foreign Economic Affairs served 'VISA' card, provided by foreign issuers. Together with "VISA" cards the bank maintains its own billing system, 'Millikart', and issues and serves its own cards in the national currency.
Short-term Millikart cards are also being served. The bank aims to increase the quality and expand services provided with the plastic cards, to implement electrical transactions with cards and to provide compatibility with the payment systems of other Turkmen banks. It has been planned that the number of cash-machines and terminals for 'Millicard' and 'VISA' will be increased.
The 'Neutral Turkmenistan' newspaper said that loan organizations strive to get more profit by rendering services to small businesses and the general population.
Banks, striving to increase the number of clients, as well as to reduce the cost of transactions, intend to introduce modern technologies to provide services such as Internet banking, foreseeing the use of the worldwide network by customers to get information and make decisions.
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