Turkmenistan to Expand Digital Banking Services For Businesses

Turkmenistan to Expand Digital Banking Services For Businesses
Halkbank headquarters, Ashgabat, Turkmenistan

Muhammetguly Muhammedov, the Deputy Chairman of Turkmen Government in charge of economic and financial issues, during the online cabinet meeting hosted by President Serdar Berdimuhamedov on Friday reported on the implementation of measures to improve the digital system, expand the Internet-bank system, and build up the system of remote online payments.

He added that Rysgal bank has been providing such services since 2019. Given the interest of bank customers in this type of services and the accumulated positive experience, the Vice-Premier submitted to President a proposal to introduce the Internet-bank system for legal entities and individual entrepreneurs in Daýhanbank, Halkbank and Senagat banks, the country’s official media reports.

The Head of State approved the proposal and instructed the Vice-Premier to continue taking measures to organize the activities of domestic banks in accordance with the realities of the time.

The Vice-Premier also briefed on the practical steps to launch a digital system at the Ministry of Finance and Economy for holding tenders for the purchase of goods, as well as auctions for the privatization of state properties.

Following the briefings, President Serdar Berdimuhamedov stated the importance of reviewing all relevant documents of the Tax Code, some tariffs and types of taxes, adding that it is necessary to update the articles of this legislative act, if necessary, make changes or additions, and introduce digital control technologies in this area. To this end, the Head of Turkmenistan instructed the Vice-Premier to prepare proposals on this issue within a week.

The Government meeting focused on the issues related to digital systems.