WNAM REPORT: Turkmenistan celebrates the 31st anniversary of the introduction of the national currency, the manat. During this time, the country’s banking system has achieved significant success in developing digital technologies and integrating into the international financial market.
On the occasion of the holiday, President of Turkmenistan Serdar Berdimuhamedov congratulated the banking sector workers and the Turkmen people. As reported by TDH, the congratulations read:
Dear compatriots!
Dear banking sector employees!
I sincerely congratulate you on the 31st anniversary of the introduction of the national currency of Turkmenistan – the manat, which is a symbol of the economic development and success of the country in the era of the Revival of a new era of a powerful state!
The introduction of the national manat into circulation created positive opportunities for the harmonious development of the economy, stable money circulation and effective implementation of a single state monetary and credit policy. The strategy of this policy consists of forming favorable macroeconomic conditions to ensure the stability of money circulation and achieve stable economic development, improve the material well-being of the population, strengthen the competitiveness of the national economy and successfully integrate the banking system into the international financial market. In achieving these goals, great importance is attached to the state banking system as an integral part of the market economy.
The banking sector, as the most important part of the country’s economy, has become one of the rapidly developing structures. Ensuring its sustainable development through the widespread introduction of a digital system, effective risk and capital management mechanisms, development of a corporate governance system, as well as improving business forms, increasing profitability and income of banks are among the priority tasks for the future.
The successful implementation of national programs is reflected at the international level. International organizations positively evaluate the stable economic development of our Fatherland.
Dear banking sector employees!
Work is currently underway to bring the country’s legislation regulating banking activities into line with international standards. The range of banking services is also developing in the context of modern requirements. To speed up settlements and turnover of funds, and to introduce advanced forms of service using technologies for safe and fast money transfer by the population, the list of electronic payments in the banking sector is expanding.
The introduction of digital technologies has made it possible to automate labor-intensive work, activate the financial and economic system, and expand the range of banking services provided, which contributes to increasing its efficiency and speed. The circulation of the national manat in the economy is also improving, where rapid money turnover has led to an increase in the number of new industries. In addition, fruitful work is being carried out to improve the financial literacy of the population. The professionalism of bank employees is systematically growing.
Investment projects aimed at implementing the adopted programs for the development of foreign economic relations of Turkmenistan by authorized credit organizations of the country are financed by attracted funds for the long-term and short-term period. Foreign financial organizations are actively involved in this work. In terms of socio-economic development and the volume of gross domestic product per capita, Turkmenistan has reached the average level of high-income countries. This is a specific indicator of the effectiveness of the monetary, tax-budget, pricing, investment policies pursued in the Fatherland. The achieved successes are confirmed by the International Monetary Fund, the World Bank and other authoritative international organizations.
We will continue to pay special attention to the consistent improvement of the country’s monetary policy, increasing the volume of lending to the production sectors of the national economy, stimulating small-scale production, increasing the volume of credit financing for the population, creating affordable interest rates, improving the quality of banking services, as well as developing fruitful cooperation with international financial organizations, and the widespread introduction of innovative technologies.
Dear compatriots!
Dear banking sector employees!
Once again, I sincerely congratulate you on the 31st anniversary of the introduction of the national currency of independent neutral Turkmenistan – the manat! I wish you good health, family well-being, a peaceful and happy life, and great success in your work for the sake of further progress of our sovereign state!
