Media: Turkmen credit agencies to expand types of banking transactions

Turkmenistan, Ashgabat, May 11 / Trend H.Hasanov /
Under the new law of Turkmenistan "On Credit Institutions and Banking " types of the banking operations for such structures have increased significantly, the Neytralniy Turkmenistan paper reported.

"Regarding the activities of credit institutions, range of banking operations and the types of non-cash payments to clients of banks have been widely expanded," the article reads.

The concept of banking and non-bank credit institutions emerged in the structure of the national banking system. They may carry out certain banking operations approved by the Central Bank of Turkmenistan.

Credit institutions shall have the right to form associations to protect and represent the interests of their members, coordinate their activities and address other common tasks.

Credit institutions, excepting banking operations, may carry out leasing operations, provide services as the fiscal agent and investment manager and provide information services..
"Expanding the range of banking services will increase the customer base of banks, thereby help to increase the resource base of the banking system," the article reads.

It is expected that adequate resource support, in turn, will allow the banking system to take an active part in implementing the Turkmen state programs of socio-economic development through the funding of the national economy, investing in various government projects, private sector credit and issuing loans for consumer needs of population.

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