Turkmenistan adopts banking system development program for 2011-2030

Business Materials 31 January 2011 12:25 (UTC +04:00)

Turkmenistan, Ashgabat, Jan. 31 / Trend H.Hasanov /

Turkmen President Gurbangulu Berdimuhammedov issued a resolution approving the National Banking Sector Development Program for 2011-2030 and the Action Plan for Banking Sector Development for 2011-2030, a source in the government reported.

Turkmenistan is executing fundamental reforms of the banking system, forming a strong banking center as a conductor of a single monetary, emission and monetary policy, and establishing money and credit markets. The country is redefining its credit system and the dynamics of the public and private sectors.

Turkmenistan has approved the necessary legislative base in information and communications technologies, and is continuing the introduction of new software products prepared by qualified personnel. Turkmen banks are interested in expanding the list of services offered to corporate customers and diversifying their business through the development of retail operations. To this end, the country actively implements e-customer service technology.

A priority area is operations with plastic cards. Currently, the plastic cards market is presented by two groups of payment systems - the international "VISA" and domestic cards. Many banks have continued with the introduction of e-technologies in their operations.