Central Banks of Russia, Turkmenistan step up supervision of credit institutions activities

Central Banks of Russia, Turkmenistan step up supervision of credit institutions activities

BAKU, Azerbaijan, June 20

By Jeila Aliyeva - Trend:

The Central Banks of Russia and Turkmenistan are activating cooperation agreements in the field of supervision of the activities of credit institutions, the Central Bank of Russia told Trend.

"An agreement on cooperation on countering computer attacks was signed in January 2021, which will formalize the process of exchanging information about threats in the field of information security between the central banks of Russia and Turkmenistan," the bank added.

The report also notes that within the framework of consultations between the Central Bank of Russia and the Central Bank of Turkmenistan, issues of increasing the share of national currencies in foreign trade settlements, the development of correspondent relations between credit institutions of the two countries, the issues of connecting Turkmen banks to the financial messaging system of the Bank of Russia and ensuring the acceptance of "Mir" cards in the payment infrastructure of Turkmenistan are discussed.

"The dynamics of interaction between the Bank of Russia and the Turkmen side are generally positive, taking place within the framework of meetings of intergovernmental commissions. We also intend to expand the practice of conducting Russian-Turkmen interbank consultations, " the bank stressed.

"At present, we expect to resume the possibility of holding face - to-face meetings," the bank said.

As earlier the Russian Ministry of Foreign Affairs told Trend, The positive dynamics in Russian-Turkmen trade continued in 2020 – the trade turnover increased by 39.6 percent, compared to 2019 and reached $970.2 million (excluding Turkmen gas supplies).

The message said that the volume of exports increased by 19.6 percent (to $649.5 million), imports – by 11.6 percent (to $320.6 million).

"In 2020, Turkmenistan mainly exported metals and products made from them; food products and agricultural raw materials; chemical industry products; machinery, equipment, and vehicles," the ministry noted.

The main items of import from Turkmenistan were: chemical industry products; textile, products made from it and shoes; food products and agricultural raw materials; mineral products.

"Attitude of both sides to intensify cooperation across the whole spectrum can expect further growth of bilateral trade."

Due to the effective operation of the intergovernmental Turkmen-Russian Commission on Economic Cooperation, coupled with targeted work of the specialized agencies of the two countries in 2020, cooperation in the field of the shipbuilding industry, railway engineering, metallurgy, geology, and medicine was intensified.

In 2020, a program of cooperation between the Ministries of Foreign Affairs of Russia and Turkmenistan for 2021-2022, a Memorandum of Understanding between the Ministries of Energy of the Russian Federation and Turkmenistan on cooperation in the field of electric power, and an agreement on cooperation between the central banks of Russia and Turkmenistan were signed through diplomatic channels.

Follow the author on Twitter: @JeilaAliyeva

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