Turkmenistan conducts bank settlements in agricultural sector

Finance Materials 11 March 2019 15:56 (UTC +04:00)

Ashgabat, Turkmenistan, March 11

By Huseyn Hasanov– Trend:

Turkmen State Commercial "Dayhanbank" will allocate a loan to the Ministry of Agriculture and Environmental Protection of Turkmenistan, Trend reports referring to a decree issued by the president of the country.

The loan in the amount of 192 million Turkmen manats is allocated at 5 percent interest rate per annum for 10 years.

The document was signed in order to carry out interdepartmental calculations on debits and credits of the Ministry of Agriculture and Environmental Protection and the State Chemical Concern Turkmenhimiya, as well as to improve their financial condition.

The bank is focused on financing the agro-industrial complex, provides loans for investment projects in industry, construction and other areas.

The priority is agricultural development of virgin and fallow lands, development and expansion of agricultural production, technical re-equipment of agricultural production.

Turkmenistan gradually passed to the market economy, which was reflected in the Constitution. A number of measures were carried out, namely, the denomination of the national currency.

The country passed to the international accounting standards in 2014. In early 2015, the Central Bank of Turkmenistan set the official exchange rate of the national currency at 3.50 manat per $1, which is still preserved.