ASHGABAT, Turkmenistan, May 18. The cumulative loan volume disbursed by banks in Turkmenistan in the local currency from January through February this year totaled 1.42 billion Turkmen manat ($406 million), with 835 million Turkmen manat ($239 million) being granted solely in February, Trend reports.
Data from the Central Bank of Turkmenistan show that this figure is almost 41 percent higher than in the same period last year, when it amounted to 1.01 billion Turkmen manat ($289 million).
During this period, legal entities received loans totaling 813.8 million Turkmen manat, which corresponds to $232 million, which is almost 57 percent more than in the first two months of 2023, when this figure was 518.9 million Turkmen manat ($148 million).
Furthermore, from January through February this year, banks in Turkmenistan provided loans to individuals totaling 607.6 million Turkmen manat ($173.9 million), which is 22 percent more than in the same period of 2023 (496.3 million Turkmen manat or $142 million).
Meanwhile, the advancement of Turkmenistan's banking sector is propelled by the aspiration to modernize the economy and entice foreign investment through the expansion of financial services and the enhancement 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 May 18, 2024, is set at 3.5 manat per USD.