In accordance with the Resolution of the President of Turkmenistan on determining the minimum volume of authorized capital stock of state commercial banks of Turkmenistan signed by the Turkmen leader at the January 18 meeting of the Cabinet of Ministers of Turkmenistan, the state commercial banks in the country are authorized to channel available assets of the core reserve fund and other net income funds as well as not less than 50 percent of earned net income for the increase of authorized capital stock.
In this regard, such important tasks as increase of the volume of lending to the national economy industries, transition of bank financial statements to international standards, improvement of the legal framework, modernization of international and interbank payment system, increase of the volume of cashless payments via bank cards, development of mortgage lending , introduction of new banking products and significant increase in the quality of services, professional development of bank employees are set to the Turkmen banks at present.
Implementation of the first phase of the programme scheduled the period 2011-2015 envisages improvement of legislation regulating the work of banking institutions and supervisory functions as well as expansion of banking institutions and their capitalization. According to the International Monetary Fund, the World Bank and other financial institutions in Turkmenistan that implement the national economy reforms allowed the Turkmen state to gain the status of one of the most dynamically developing countries in the world.
The reformation of the legislative and regulatory basis of the banking system of Turkmenistan promotes strengthening the authority of our country in the world.
In this regard, such important tasks as increase of the volume of lending to the national economy industries, transition of bank financial statements to international standards, improvement of the legal framework, modernization of international and interbank payment system, increase of the volume of cashless payments via bank cards, development of mortgage lending , introduction of new banking products and significant increase in the quality of services, professional development of bank employees are set to the Turkmen banks at present.
Implementation of the first phase of the programme scheduled the period 2011-2015 envisages improvement of legislation regulating the work of banking institutions and supervisory functions as well as expansion of banking institutions and their capitalization. According to the International Monetary Fund, the World Bank and other financial institutions in Turkmenistan that implement the national economy reforms allowed the Turkmen state to gain the status of one of the most dynamically developing countries in the world.
The reformation of the legislative and regulatory basis of the banking system of Turkmenistan promotes strengthening the authority of our country in the world.