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President of Turkmenistan congratulates compatriots on the 27th anniversary of the Turkmen manat

10:2301.11.2020
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President of Turkmenistan congratulates compatriots on the 27th anniversary of the Turkmen manat

Exactly 27 years ago, on November 1, 1993, the manat became the national currency of independent Turkmenistan. On the occasion of the 27th anniversary of the introduction of the monetary unit of Turkmenistan, President Gurbanguly Berdimuhamedov addressed the employees of the banking sector and all compatriots with a congratulatory speech.

"I congratulate you on the 27th anniversary of the introduction of the national currency of Turkmenistan – the manat, which has become a symbol of economic achievements!
The introduction of the national currency into circulation created optimal conditions for the harmonious development of the country's economy and the implementation of a unified state monetary policy.

In the year under the motto "Turkmenistan is the birthplace of Neutrality", the banking system, which is the most important segment of the national economy, has become one of the rapidly developing industries. The ongoing work to improve the reliability of the banking sector is of particular importance in state policy.

The introduction of digital technologies, ensuring sustainable development by improving the efficiency of the capital management system and preventing risks, developing the corporate governance system, as well as improving the business sector, increasing the profits and profitability of banks are the main tasks for the future.

The stability of the banking sector plays an important role in improving competitiveness and ensuring the dynamic growth of the economy and its successful integration into the global system. The main objectives of this sphere are to further maintain a stable exchange rate of the national manat, expand the volume of banking services, bring their quality to the international level, and introduce best international practices.

Currently, work is underway to bring legislation regulating banking activities in the country in line with international standards. According to the requirements of the time, banking services are also developing. In order to speed up payments and turnover of funds, the scale of electronic payments is expanding. Effective work is being carried out to increase the financial literacy of the population, and the level of professionalism of employees in the relevant sphere is increasing.

We will continue to pay special attention to the consistent improvement of the country's monetary policy, increasing lending to the manufacturing sector of the economy, stimulating small-scale production, increasing the volume of credit financing for the population, improving the quality of banking services, and building up fruitful partnership with international financial organizations," the President's message reads.

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