Top managers of central bank and several big banks appointed in Turkmenistan

Business Materials 12 January 2014 12:16 (UTC +04:00)

Ashgabat, Turkmenistan, Jan. 12

By Huseyn Hasanov - Trend:

The management of the country's banking sector was greatly changed, according to Turkmen President Gurbanguly Berdimuhamedov's decrees on Saturday.

Top managers of the Central Bank and a number of big banks in the country, such as Turkmenistan, Presidentbank and Dayhanbank were appointed.

Gochmyrat Myradov was appointed chairman of board of the Central Bank, as well as manager of the International Monetary Fund (IMF) and the Asian Development Bank (ADB) from the Turkmen side. Earlier, he was a chairman of the Turkmenistan State Commercial Bank.

Former head Tuvakmammet Japarov was dismissed from the post for the shortcomings in his work, according to the signed documents.

Nurgeldi Sazakov and Begench Akmammedov who led Presidentbank and Dayhanbank were also dismissed for the same reason.

Begench Ashyrov was appointed chairman of the Turkmenistan State Commercial Bank. Earlier, he served as deputy chairman of the bank. Arslan Ataballyev was appointed chairman of Presidentbank state commercial bank. Earlier, he was a deputy chairman of Turkmenbashi state commercial bank. Polat Allagulyev was appointed chairman of board of state commercial Dayhanbank. Earlier, he was the first deputy chairman of board of this bank.

The Turkmen president held at a governmental meeting in December 2013 and made some remarks about the banking activity, the Turkmen media reported earlier.

Assessing the work of heads, their encouragement or reprimand is the prerogative of the Cabinet of Ministers according to the national legislation. The Turkmen president, who is also Prime Minister, reprimanded the heads of the banks and urged to return the illegally obtained money.

Turkmen President Gurbanguly Berdimuhamedov severely reprimanded Deputy Prime Minister Annamukhammet Gochyev in early December, for lessening control over the activities of subordinate organizations and the poor performance of his duties.

Gochyev supervises the work of institutions in the economic, financial and banking sectors.
President Berdimuhamedov focused on implementation of the public investment policy. It was stressed that the country's banks have not fully engaged in financing of priority national investment projects and providing the production facilities with loans.

Turkmenistan is at a transitional stage of its development. An article on the transition to market relations has recently appeared in the updated constitution.

Turkmenistan conducted several reforms in monetary policy, namely, the denomination of the national currency, and the unification of exchange rates. Transition to international accounting standards is scheduled for 2014.

According to a British Petroleum (BP) report, Turkmenistan ranks fourth in terms of natural gas reserves in the world after Russia, Iran and Qatar.

The International Monetary Fund expects that Turkmenistan's economic growth will hit 10.1 percent in 2013 and 10.7 percent in 2014.

The IMF report said that the sharp and steady decrease of the world energy prices causes the highest possible risk to Turkmenistan's economic growth.

Translated by NH