BAKU, Azerbaijan, June 25. The balance of loans issued by credit institutions of Turkmenistan to enterprises, organizations, and citizens as of May 1, 2023, amounted to 89.69 billion Turkmen manats ($25.67 billion), Trend reports.
The Central Bank data shows that these figures are 10.6 percent higher than the same date last year (81.04 billion Turkmen manats or $23.19 billion).
The total amount of the loan balance issued to citizens engaged in entrepreneurial activity without the formation of a legal entity as of the beginning of May 2023 amounted to 19.64 billion Turkmen manats ($5.62 billion), which is 18.9 percent more than in the same period of 2022 (16.51 billion Turkmen manats, or $4.72 billion).
Turkmenistan is undergoing a constant growth in its financial sector, marked by the introduction of several innovations.
One notable development is the rising availability of mobile applications that enable users to make payments for a wide range of services and products. Non-cash transactions are gaining popularity, and the utilization of bank terminals for payment purposes is also on the rise.