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Central banks of Turkmenistan and Russia intend to cooperate on supervision of the work of credit institutions

14:2421.06.2021
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Central banks of Turkmenistan and Russia intend to cooperate on supervision of the work of credit institutions

The Central Banks of Russia and Turkmenistan are currently activating agreements on cooperation in the field of supervision over the activities of credit institutions, Trend reports with reference to the Central Bank of the Russian Federation.

As the Central Bank of Russia recalled, the Agreement on Interaction on Countering Computer Attacks was signed in January 2021. It will allow to formalize the process of exchange of information on threats in the field of information security between the central banks of Russia and Turkmenistan.

The parties are considering the issues of connecting Turkmen banks to the Bank of Russia Financial Messaging System and ensuring the acceptance of “Mir” cards in the payment infrastructure of Turkmenistan. Moreover, the issues of increasing the share of national currencies in foreign trade settlements, the development of correspondent relations between credit institutions of the two countries are discussed.

The interaction of the Bank of Russia with the Turkmen side is carried out within the framework of meetings of intergovernmental commissions, the Central Bank of the Russian Federation notes, pointing out, in general, the positive dynamics of relations.

In accordance with the Russian Foreign Ministry, in 2020, Russian-Turkmen trade increased by 39.6% compared to 2019 and reached 970.2 million US dollars (excluding Turkmen gas supplies). Last year, Turkmenistan mainly exported metals and metal products, food products and agricultural raw materials, chemical products, machinery, equipment and vehicles.

According to the source, the Central Banks of Turkmenistan and Russia intend to expand the practice of holding Russian-Turkmen interbank consultations. The resumption of the possibility of holding face-to-face meetings is especially expected.

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