Turkmenistan’s Halkbank Becomes Joint Stock Commercial Bank

BUSINESS TURKMENISTAN
Turkmenistan’s Halkbank Becomes Joint Stock Commercial Bank
Halkbank State Commercial Bank’s organizational and legal form will be changed to an open joint stock company.

The Halkbank State Commercial Bank of Turkmenistan became an open joint stock company.

According to the TDH news agency, President of Turkmenistan Gurbanguly Berdimuhamedov signed a relevant Resolution during a Cabinet of Ministers meeting on Friday.

In accordance with the document, the Ministry of Finance and Economy, and the Central Bank of Turkmenistan are instructed to change the organizational and legal form of the Halkbank State Commercial Bank and transform it in accordance with the established procedure into the Halkbank Joint Stock Commercial Bank with the organizational and legal form of an open joint stock company.

The resolution also instructs the Ministry of Finance and Economy, the Central Bank and the Ministry of Justice of Turkmenistan to jointly prepare proposals on amendments and additions to national legislation arising from the signed Resolution within one month and submit them to the Cabinet of Ministers of the country.

In addition, in order to implement the Strategy for improving the activities of the State Commodity and Raw Materials Exchange of Turkmenistan (SCRMET) for 2020-2025, work is currently underway to change the organizational and legal form of the Exchange and transform it into an open joint stock company.