ASHGABAT, Turkmenistan, May 22. The total assets of all registered credit institutions in Turkmenistan as of April 1, 2024, amounted to more than 157.8 billion Turkmen manat ($45 billion), Trend reports.
According to the Central Bank of Turkmenistan, this is 2.3 percent more than on the corresponding date of the previous year, when it amounted to 154.2 billion Turkmen manat or $44 billion.
As of the beginning of April this year, loans issued to credit institutions, enterprises, organizations, and citizens amounted to 119.79 billion Turkmen manat ($34.19 billion), which is slightly less than the amount for the same month of 2023, which was 119.87 billion Turkmen manat ($34.21 billion).
At the specified time, correspondent accounts with the Central Bank of Turkmenistan and funds in reserve accounts also increased by 17 percent over the year, from 19.71 billion Turkmen manat ($5.63 billion) to 23.09 billion Turkmen manat ($6.6 billion).
Meanwhile, Turkmenistan's banking sector has been actively developing in recent years. There has been a significant increase in the number of banking institutions, an expansion of services, the modernization of infrastructure, and improved regulation to stimulate economic growth and financial inclusion.
As of May 21, 2024, the Turkmen manat's official exchange rate against the US dollar stands at 3.5 manat per USD, according to data from the Central Bank of Turkmenistan.