Securities market forms in Turkmenistan

Securities market forms in Turkmenistan

Turkmenistan, Ashgabat, Feb. 26 / Trend, H. Hasanov /

Turkmenistan is working to form a stock market, according to information released by the country's Institute of Strategic Planning and Economic Development.

"Particular importance is attached to the formation of full-fledged securities market. As part of ongoing market reforms, the nation will open a stock market" the statement said.

These measures will further accelerate the development of the private sector of economy in the country.

Previously, a state program was approved for the development of the securities market by 2016 that is intended to develop the securities market, improve the activities of Turkmenistan's financial institutions, allow for the rational allocation of financial resources in the economy by expanding the types of financial transactions, as well as attract long-term investment on a sustainable basis.

An Article on the gradual transition to a market economy was developed in the updated Constitution of Turkmenistan, which is written to deepen market reforms in the economy based on equitable development of different forms of ownership until 2015.

At this stage, regulatory and legal framework of different forms of ownership will be improved, bases of privatization and transformation in other forms of ownership of state enterprises of light industry, food industry, services, trade, carrying out economic activity in the external and internal markets will be developed.

In addition, it's planned to privatize technologically outdated small and medium-sized enterprises by selling them at auctions, as well as the use of the mechanisms of trust management, corporatization and corporate management of large enterprises.

Another direction of institutional changes are expansion of foreign investment, creation and development of joint ventures.

The second phase (2016-2020) of implementation of a national program envisages the creation of corporate companies in construction, production of construction materials and in other fields.

The third phase (2021-2030) will be characterized by the deepening of adaptation of new enterprises to market conditions, intensive development of internal and external markets.

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