President: Turkmenistan must adapt financial and banking system to global trends
Turkmenistan, Ashgabat, May 8 / Trend H. Hasanov /
Turkmen President Gurbanguly Berdimuhamedov speaking at a workshop recently, stressed the scientific urgency and practical significance of adapting the national financial and banking system to the conditions of the changing economic environment given the reforms in all spheres of economic activity in the country, as well as current trends worldwide, the Turkmen government said today.
The issue of adopting the comprehensive measures and introducing the international norms and standards in this system was raised to improve the financial and banking structures.
'President Berdimuhamedov stressed the need for a strictly scientific approach to the efficient allocation of financial resources in the economy, creating favourable conditions for attracting foreign and domestic investments, the development of modern financial institutions, as well as further sustainable economic growth and the welfare of the Turkmen people', a statement said.
Turkmenistan is rich in natural gas. There are also export volumes of cotton and grain. The economy is being diversified. The textile industry and oil and gas processing are more developed.
Turkmenistan has recently passed for a gradual transition to market economy. This has been reflected in the updated Constitution. At present, a number of activities have been implemented. The national currency was denominated and the exchange rates were unified. It is planned to pass to international accounting standards.