Turkmenistan's Türkmenbaşy State Bank to Become Joint Stock Company

BUSINESS TURKMENISTAN
Turkmenistan's Türkmenbaşy State Bank to Become Joint Stock Company
Headquarters of Türkmenbaşy State Commercial Bank, Ashgabat, Turkmenistan

The organizational and legal structure of Türkmenbaşy State Commercial Bank of Turkmenistan will be transformed to an open joint stock company, President of Turkmenistan Gurbanguly Berdimuhamedov approved the relevant proposal during the Cabinet of Ministers meeting held online on Friday.

During the government meeting. Vice Premier Gadyrgeldi Mushshikov, overseeing the country’s financial and economic complex, reported on the measures to improve the activities of the country's credit institutions. He noted that these measures contribute to effective management in the banking sector and improving the quality of banking services, the country's official media reports.

In accordance with the results of the analysis carried out by the Central Bank together with the Ministry of Finance and Economy, a proposal was submitted to President Gurbanguly Berdimuhamedov to change the organizational and legal structure of the Türkmenbaşy State Commercial Bank and transform it into an open joint stock company.

Following the report, the Head of Turkmenistan noted that the practical steps taken to further develop credit institutions are aimed at increasing the investment potential of banks, strengthening their financial base, improving banking supervision, and expanding the volume of relevant banking operations.

Having approved the submitted proposal to transform the Türkmenbaşy State Commercial Bank into an open joint-stock company, Turkmen President instructed to carry out the planned work on time and at the proper level.

On April 12 this year in Ashgabat, the opening ceremonies of new headquarters of the Türkmenbaşy State Commercial Bank and the Senagat Joint-Stock Commercial Bank were held with the participation of President of Turkmenistan Gurbanguly Berdimuhamedov.