BAKU, Azerbaijan, June 25. The balance of credit funds issued by credit institutions of Turkmenistan to state institutions and enterprises as of May 1, 2023 amounted to 58.04 billion Turkmen manats ($16.61 billion), Trend reports.
The Central Bank data shows that these figures are 6.75 percent higher than the same date last year (54.37 billion Turkmen manats or $15.56 billion).
The total amount of loan balances issued to non-state enterprises and organizations of the country at the beginning of May this year amounted to 12 billion Turkmen manats ($3.43 billion), which is 18.2 percent more than in the same period of 2022 (10.15 billion Turkmen manats, or $2.9 billion).
The financial sector of the country is experiencing continuous growth and development. Notably, there is a progressive introduction of mobile applications for convenient payment of a wide range of services and products.
Moreover, there has been a noticeable surge in non-cash transactions, and the utilization of bank terminals for payment of goods and services is being widely adopted.