Turkmen President Notes Importance of Regulating Foreign Currency Operations

BUSINESS TURKMENISTAN
Turkmen President Notes Importance of Regulating Foreign Currency Operations
President of Turkmenistan Gurbanguly Berdimuhamedov emphasized the importance of ensuring the availability of credit funds and improving the quality of financial services.

President of Turkmenistan Gurbanguly Berdimuhamedov during a Thursday government meeting focused on the country’s economy noted the need for comprehensive work to increase the value of the national currency and regulate foreign currency operations.

During the meeting, Chairman of the Central Bank Merdan Annadurdyyev reported on the results of work on the return of foreign investments aimed at developing sectors of the national economy, including the oil and gas sector, the chemical industry, energy, transport and textile complexes, the country’s official media reports.

In this regard, the Head of State noted the importance of regulating foreign currency operations, expanding the range of banking services and improving the culture of customer service, ensuring strict control over the implementation of regulations when converting manat funds into foreign currency at the official rate and gave relevant instructions in this matter to the Vice-Premier Chary Amanov.

The Chairman of the State Bank for Foreign Economic Affairs Rahymberdi Jepbarov reported on the measures to attract investment in accordance with the Program for the Development of Foreign Economic Activity of Turkmenistan for 2020-2025.

Focusing on the activities of the Ministry of Finance and Economy, President Gurbanguly Berdimuhamedov stressed that the Ministry is entrusted with the implementation of state policy for the development of the private sector of the economy, including small and medium-sized businesses. However, the Head of continued, the Ministry does not properly carry out work in this direction.

Outlining measures for modernizing the country’s financial and banking-credit system, the Head of State noted the need of ensuring the availability of credit funds and improving the quality of financial services. The Turkmen President noted that such financial services should also be available to citizens and that financial institutions should prioritize loans for real estate and education, and consumer loans.