Turkmenistan aims at liberalizing economy combined with elements of market and state regulation

Turkmenistan aims at liberalizing economy combined with elements of market and state regulation

Turkmenistan, Ashgabat, Jan. 9 / Trend H. Hasanov /

Turkmenistan is aimed at the general liberalization of the economy, combined with elements of market and state regulation, modernization of agricultural sector, as well as the development of high-tech, export-oriented industries, the analytic material of the state news agency Turkmen Dovlet Haberleri (TDH) as a result of 2009.

"The international cooperation has an important role in the exchange of innovative technologies, drawing foreign investments, implementation of joint beneficial projects, training of staff," the message said.

The message stressed the major events of 2009 in the financial sector of Turkmenistan. In 2009, national laws corresponding to the norms of the international law entered into force.

In accordance with the presidential decree "Conducting denomination (change of cost) of the national currency of Turkmenistan", new manats have been put into circulation in Turkmenistan since January 1, 2009.

It was planned to implement the reform within two years.

"This soft and economical method allowed to implement it smoothly and without any shock to the public", the material said.

The unification of the national rate of manat preceded the denomination. New rules on converting foreign currency for all legal people are implemented regardless of ownership. But they are implemented for physical entities on a non-cash basis on the Interbank Currency Exchange of Turkmenistan and in the form of cash - through exchange offices of commercial banks in the country.

"Since the unification and up to now the fixed rate of manat towards the foreign currency remains stable. It is not subjected to sharp fluctuations", TDH said.

"In 2009, Turkmenistan achieved a steady growth in GDP, industrial production, foreign trade turnover.

"Investments in today's economy amount to several billions of dollars. The numbers are certainly impressive. But it is more important to know how these huge flows are formed", the message said.

A stabilization fund was established. Its financial resources are allocated in effective, highly profitable national and international investment projects. The measures are taken to implement the international standards of financial accounting, improving the level of automation of banking institutions, expansion of cashless payments throughout Turkmenistan. In particular, it enhanced intensification of the foreign economic activity.

"Economic reforms became the preventive measures that allowed Turkmenistan not only avoid the negative impact of the global financial crisis, but also created the prerequisites for further dynamic development of the country," TDH said.

There is a reference to similar estimates of representatives from the International Monetary Fund, European Bank for Reconstruction and Development, Islamic Development Bank (IDB).

In early June 2009, the thirty-fourth annual meeting of the IDB Board of Governors was held in Ashgabat. Representative delegations of 56 countries of Asia, Africa, Europe and Latin America attended it. IDB joined the implementation of the construction of transport corridor North-South and, specifically, the section of the railway Bereket Gyzylgaya-Uzen (Turkmenistan- Kazakhstan), as well as a number of projects aimed at developing the social sphere, transport and communication and resort infrastructure, health and water economy, the private sector.

The total amount of the loan agreements approved by the Coordinating Group, which includes Saudi Development Fund, Kuwait Fund for Arab Economic Development, OPEC Fund for International Development and the Abu Dhabi Development Fund, amounts to $950 million.

The total amount of credit agreements approved by the Coordinating Group, which includes Saudi Development Fund, Kuwait Fund for Arab Economic Development, OPEC Fund for International Development and the Abu Dhabi Development Fund, amounts to 950 million dollars.

Turkmen Dovlet Haberleri reported that the International Investment Forum, held in Ashgabat on October 15-17, stressed the high interest of foreign partners in active cooperation with Turkmenistan. This forum has been held in Turkmensitan for the first time. It gathered representatives of major world companies and financial organizations from more than 42 countries.

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