ASHGABAT, Turkmenistan, April 27. The ratio of Turkmen commercial banks' total assets to the country's GDP stood at 75.3 percent in 2003, Trend reports.
Merdanguly Palivanov, Deputy Chairman of the Central Bank of Turkmenistan, made this statement at the International Forum to Attract Foreign Investments in Turkmenistan's Energy Sector, which was held in Paris.
Palivanov noted the increasing role of the banking system of Turkmenistan in the economic growth of the country, adding that the volume of bank lending last year amounted to 53.2 percent of GDP.
"The Central Bank of Turkmenistan's policy of ensuring long-term stability of the national currency boosts the country's investment attractiveness and attracts international money," he said.
Furthermore, the Deputy Chairman stressed that the volume of non-cash payments in Turkmenistan has also increased, and in 2023, their share in the total mass of card payments amounted to 43.5 percent.
Meanwhile, President of Turkmenistan Serdar Berdimuhamedov recently noted that the GDP growth rate of Turkmenistan from January through March 2024 remained stable at 6.3 percent.
The President added that during the specified period, the growth rate of Turkmenistan's industrial sector reached 4.7 percent, in the transport and communications sector - 6.6 percent, in the service sector - 7.6 percent, in trade - 8.2 percent, and in agriculture - 4.1 percent.
The Central Bank of Turkmenistan is the country's national bank. It was founded in 1991 to govern the country's banking system and oversee national financial policies. The Central Bank of Turkmenistan's main tasks include: implementing effective integrated state monetary policy; organizing cash circulation; supporting the effective functioning of the settlement and payment system; organizing banking regulation and banking supervision; maintaining price stability; safeguarding the interests of lending institutions' creditors and depositors; combating the legalization of criminal proceeds and financing.