The state commercial Bank "Halkbank" will be transformed into an open Joint-Stock company. This was announced at a meeting of the Cabinet of Ministers of Turkmenistan held today.
The relevant proposal was prepared based on the results of an analysis conducted by the Ministry of Finance and economy together with the Central Bank, the state news Agency of Turkmenistan reports.
The steps being taken are consistent with the tasks outlined in the country's social and economic development Program for 2019-2025 and the State program for the development of the banking sector for 2011-2030, the Government meeting noted.
"The measures being implemented to develop the country's credit institutions are designed to have a positive impact on increasing the investment potential of banks, strengthening the financial base, improving banking control, and expanding the volume of relevant operations," President Gurbanguly Berdimuhamedov said, instructing Deputy Prime Minister Gadyrgeldy Mushshikov to carry out the planned work within the established time frame and consider changing the organizational and legal structure of a number of state – owned banks.
