Turkmenistan’s Halkbank to Become Joint Stock Company

BUSINESS TURKMENISTAN
Turkmenistan’s Halkbank to Become Joint Stock Company
Turkmenistan presently caries out relevant activities to improve the activities of banking institutions and gradually transform them into joint stock companies.

President of Turkmenistan Gurbanguly Berdimuhamedov during a Cabinet of Ministers meeting on Friday approved a proposal to transform the Halkbank State Commercial Bank into an open joint stock company, the State News Agency of Turkmenistan (TDH) reports.

According to the report, the proposal to change the organizational and legal structure of the bank is based on the results of an analysis carried out by the Ministry of Finance and Economy together with the Central Bank.

In this regard, the Head of State instructed Deputy Prime Minister Gadyrgeldi Mushshikov to study the issue of changing the organizational and legal structure of a number of state banks.

Turkmenistan presently caries out relevant activities to organize the work of the securities market, improve the activities of banking institutions and gradually transform them into joint stock companies. These steps are in line with the tasks outlined in the Program of Socio-Economic Development of the Country for 2019-2025 and the State Program for the Development of Banking Sector for 2011-2030.