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Turkmenistan's e-commerce witnesses hike in non-cash payments

Finance Materials 28 February 2024 09:48 (UTC +04:00)
Aman Bakiyev
Aman Bakiyev
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ASHGABAT, Turkmenistan, February 28. The cumulative sum of non-cash transactions in Turkmenistan within the 'Digital Commerce' system for the whole of last year reached 1.15 billion Turkmen manat, which is equivalent to $328.2 million, Trend reports.

Data from the Central Bank of Turkmenistan show that for this particular period, these statistics reflect an increase of 84.6 percent compared to the corresponding data for 2022, which amounted to 622.76 million Turkmen manat, or $177.75 million.

During the stated time period, the total amount of payments made using the 'Mobile Bank' system was 17.43 million Turkmen manat ($4.97 million) and 1.99 million Turkmen manat ($568,000) via the 'Internet Bank' system.

Furthermore, in the specified month, the total non-cash turnover through the 'Halkbank terminal' system amounted to 65.1 million Turkmen manat ($18.58 million), which is 2.6 times more than in the same period last year (24.73 million Turkmen manat or $7.06 million).

Meanwhile, Turkmenistan's banking sector has been actively developing in recent years, with an emphasis on infrastructure renovation and the adoption of new technologies to expand financial service availability to the general public and enterprises.

Increasing the population's financial literacy, enhancing state regulation and oversight, and attracting foreign investment all contribute to the long-term growth and development of Turkmenistan's banking sector.

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