Turkmen State Bank to Expand Cooperation With Fitch Ratings

Turkmen State Bank to Expand Cooperation With Fitch Ratings
Fitch Ratings International Headquarters, London, UK (Photo: heartst.com)

The State Bank for Foreign Economic Affairs of Turkmenistan is set to broaden its cooperation with the international agency Fitch Ratings. Deputy Chairman of the Turkmen Cabinet of Ministers for Economic and Financial Affairs Hojamyrat Geldimiradov reported on the preparation of a relevant agreement during an expanded government meeting on Saturday hosted by President Serdar Berdimuhamedov. 

Enhancing collaboration with well-established rating agencies will play a significant role in attracting increased foreign investment, streamlining credit terms, and advancing Turkmenistan's foreign economic activities, Turkmen media reports.

President Serdar Berdimuhamedov emphasised deepening the partnership between the Turkmen State Bank of Turkmenistan and global rating agencies. The head of state noted that the international ratings awarded to Turkmenistan by Fitch Ratings will enhance the international financial prestige of the country. The head of state instructed the Deputy Prime Minister to carry out consistent work in this direction.

Fitch Ratings is an international company that provides credit ratings, research and analytical reviews. It assesses the financial strength and risks associated with investments in specific financial instruments or markets, helping investors to make informed decisions and promoting transparency in financial markets.

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