Loan balance of Turkmenistan's Rysgal bank increases

Finance Materials 15 March 2021 17:03 (UTC +04:00)
Loan balance of Turkmenistan's Rysgal bank increases

BAKU, Azerbaijan, March 15

By Jeila Aliyeva - Trend:

The balance on loans of Turkmenistan’s Rysgal Joint-Stock Commercial Bank amounted to 5.7 billion Turkmen manat ($1.6 billion) in January 2021, Trend reports with reference to the Business Turkmenistan information portal.

The aforementioned balance sheet is reported to have increased by 47.8 percent in January 2021, compared to the same period last year.

The amount of funds raised from the population and customers amounted to 3.9 billion manat ($1.1 billion), an increase of 9.5 percent.

The bank also decided to raise its authorized capital to 200 million manat (over $57 million) this year.

In addition, the bank accounts for more than 90 percent of payments through the internet banking system for new legal entities and private entrepreneurs.

The number of plastic cards issued by the bank in 2020 was 48,470. The amount of non-cash payments through the bank card system amounted to more than 755.6 million manat ($215.7 million), an increase of almost 3 times compared to last year, the report says.

As reported, Turkmenistan’s Rysgal Joint Stock Commercial Bank plans to attract large foreign investments.

After the approval of the authorized capital of the bank is completed, the shares will first be offered to the bank's shareholders. At the same time, the unallocated shares will be put up for public auction by the Ashgabat Stock Exchange.

Rysgal Bank is the first joint-stock commercial bank in the country, the initial capital of which was created with the participation of representatives of the private sector.

Currently, Rysgal bank finances the construction of Ashgabat-Turkmenabat high-speed highway and facilities of the new administrative center of country's Akhal region, and it also provided funds for major projects aimed at the production of high-quality export-oriented and import-substituting products.

In addition, the bank supports small and medium-sized enterprises, and, in particular, provides cash to private entrepreneurs.

Rysgal was the first bank in the country to launch an internet banking system and offer a MasterCard card to consumers.

Follow the author on Twitter: @JeilaAliyeva