Turkmenistan improving legal framework of financial, banking sector

Business Materials 3 December 2017 13:31 (UTC +04:00)

Ashgabat, Turkmenistan, Dec. 3

By Huseyn Hasanov– Trend:

Turkmenistan is taking measures to improve the legal framework regulating activity of financial and banking system institutions, the Altyn Asyr national TV channel reported.

Deputy Prime Minister Gokmyrat Myradov delivered a speech at a government meeting, reporting on the state of affairs in this sphere.

President of Turkmenistan Gurbanguly Berdimuhamedov focused on the importance of carrying out the activities envisaged by the implemented programs aimed at the country’s sustainable economic growth.

It is necessary to keep the implementation of cardinal reforms under control, carry out regular monitoring and analysis of the work in all directions, the Turkmen president said.

Ensuring stable exchange rate of the Turkmen national currency, the manat, is one of priority tasks of the country’s banking sector, President Gurbanguly Berdimuhamedov said earlier in his appeal to bank employees on the occasion of the 24th anniversary of the introduction of the Turkmen manat.

Turkmenistan has embarked on a policy of gradual transition to market economy. A number of measures, including denomination of the national currency and switching to the international accounting standards, have been implemented in the country.

Since January 1, 2015 the official exchange rate in Turkmenistan remains at 3.50 Turkmen manats to the US dollar.