Turkmenistan integrates into int’l financial system (UPDATE)
The details were added (the first version was posted at 12:35 p.m.)
Turkmenistan, Ashgabat, Nov. 10 / Trend H. Hasanov /
Turkmenistan has implemented the state programme of the Turkmen banking system development which will run until 2030, the Turkmen Central Bank's review said.
The programme determines the strategy of the banking sector. Its implementation will provide a wide range of banking services to its customers and the integration of the country's banking system into the international financial system.
At this stage, several measures are being taken to improve banking legislation and to bring accounting and audit into compliance with international financial reporting standards, as well as introduce innovative technology.
The improvement of the banking legislation allowed the creation of new types of financial intermediation and in particular, in the form of non-bank credit institutions, or microfinance organisations.
The article says that all this fully contributes to the development of fair competition and allows people to launch their own business or develop existing ones.
At present, the share of the non-state sector of the Turkmen economy in the production of goods and services hit 40 per cent. The changes made by the state in the short term prospect will increase the share of private producers up to 70 per cent.
The banks have a special role to optimise the flow of financial resources in the most attractive investment projects, which would provide a dynamic economic growth.
"The Turkmen State Development Bank has a special role to achieve its goals," the message said. "It is designed to become the country's financial representative on the investment projects implemented at the expense of the country's Stabilisation Fund."
The bank also faces the challenge of accumulating funds as the Stabilisation Fund and other sources to effectively use them in investment projects. The priority will be given to the investment projects aimed at creating new and expanding industries using innovative technologies.
Moreover, the bank has the opportunity to participate in an implementation of innovative projects. It must also use its banking expertise of investment projects for their economic viability, recovery, use of advanced technologies and the creation of new jobs.