ASHGABAT, Turkmenistan, March 20. The total amount of deposits attracted by banks of Turkmenistan in the national currency for the whole of 2023 amounted to 248.08 billion Turkmen manat ($70.8 billion), of which 27.84 billion Turkmen manat ($7.95 billion) were attracted only in December, Trend reports.
As per the Central Bank of Turkmenistan,, over the past year, the cumulative amount of deposits from legal entities, reached 199.86 billion Turkmen manat ($57.04 billion).
Additionally, over the specified period of time, deposits of individuals in banks reached a total of 45.21 billion Turkmen manats ($12.9 billion), which reflects a decrease of 11.1 percent compared to the corresponding period of 2022, when this figure was 50.88 billion Turkmen manat, equivalent to $14.52 billion.
The total volume of deposits attracted by banks in Turkmenistan in the national currency in 2022 amounted to 872.64 billion Turkmen manat ($249.31 billion), with an average interest rate of 0.31 percent.
Meanwhile, the development of Turkmenistan's banking sector is driven by the desire to modernize the economy and attract foreign investment through the expansion of financial services and the improvement of infrastructure.
In the meantime, according to the Central Bank of Turkmenistan, the official exchange rate of the Turkmen manat against the US dollar on March 20, 2024, is set at 3.5 manat per USD.