Rysgal Bank Assets Reach Seven Billion Manats

BUSINESS TURKMENISTAN
Rysgal Bank Assets Reach Seven Billion Manats
Rysgal Joint Stock Commercial Bank began providing cash to private entrepreneurs. (Photo: TP)

Since 2012, the assets of Rysgal Joint Stock Commercial Bank has increased 58 times and reached 7 billion manats, Rysgal newspaper reported on Monday.

Rysgal JSCB has financed and continues to finance the construction of the Ashgabat-Turkmenabat high-speed highway, facilities of the new administrative center of Ahal velayat, and large projects aimed at producing high quality export-oriented and import-substituting products.

One of the key tasks of the bank is to support small and medium-sized enterprises in the country in order to protect them from the impact of the current global downturn, according to the report.

In this regard, according to the instructions for providing small and medium-sized enterprises with cash, the Central Bank of Turkmenistan amended the 14th section of the procedure “On the issue of cash or their transfer to the accounts of individuals, received in cashless form to the bank accounts of entrepreneurs in authorized credit organizations”.

The adopted amendments established the amount of cash withdrawal per month from the amount deposited in cash to the bank accounts of a private entrepreneur, including those engaged in wholesale trade, for entrepreneurial purposes.

In connection with the amendments, the Rysgal bank began providing cash to private entrepreneurs. As a result of this work, the activities of the bank's clients began to grow.

Rysgal Bank also actively works on the development of cashless payments in Turkmenistan. To this end, the Bank was the first in the country to launch an internet banking system, and started issuing MasterCard plastic cards, which allow contactless payments.