Turkmenistan plans to issue state bonds
Ashgabat, Turkmenistan, Nov. 28
By Huseyn Hasanov- Trend:
The ministry of finance of Turkmenistan plans to launch the release of a certain amount of bonds of the state fund starting from 2016, said the message of the government of Turkmenistan.
This issue was raised at the last meeting of the cabinet of ministers of Turkmenistan, during which deputy prime minister Byashim Khojamammadov presented his report.
The bond issue is provided in accordance with the Budget Code and the laws governing the relations that arise during the issue and circulation of securities. In this regard, Turkmenistan works on preparing drafts of the relevant legal acts regarding the issue, distribution and return of the bonds.
President of Turkmenistan Gurbanguly Berdimuhammadov, summarizing the report, noted the importance of the development of the securities market to attract funds the budget, the inflow of capital to modernize production, ensure stability of the financial system of the country.
"This will expand the range of financing sources and will become one of the key mechanisms for further economic growth and increase of welfare of the citizens of Turkmenistan," he said.
In 2014, the law "On Securities Market" entered into force in Turkmenistan.
This law regulates relations arising during the issuance and circulation of securities in Turkmenistan and is aimed at ensuring effective functioning of the securities market, development of the country's market economy.
The articles of the law stipulate that the cabinet of ministers of Turkmenistan determines the unified state policy in the field of securities market, new types of securities, which are planned to be issued and put into circulation on the market.
In addition, the government approves state program of development of securities market, emission regulations and establishes annual quotas and conditions for admission to circulation on the local market of securities issued by foreign issuers.
The law states that the circulation of securities, as well as under the mediation, is carried out at market prices. At the same time, the exchange rate value of shares and derivative securities is determined in the national currency of Turkmenistan.
An article on gradual transition to market economy is included in the constitution of Turkmenistan, which was updated in recent years.