Today, the State Bank for Foreign Economic Affairs of Turkmenistan celebrates 31 years since its foundation.
The bank was founded on January 27, 1992 with the aim of fundamentally reforming the national economy and ensuring economic growth through large-scale investment programs.
During the period of Turkmenistan's independence, the bank did a great job of attracting foreign loans to the national economy. Throughout the years of his activity, he actively developed cooperation with various financial institutions around the world.
Foreign loans attracted in the first years of its activity allowed The State Bank for Foreign Economic Affairs of Turkmenistan to implement a number of important national reforms and projects for the construction of economically significant facilities, including the Ashgabat International Airport, the expansion and reconstruction of the telephone network, factories and plants equipped with modern equipment.
Since 1995, a significant share is occupied by loans of an investment nature. In the future, due to foreign investment, many facilities were built and innovative technological equipment was purchased in such areas as energy, transport and communications, the agro-industrial complex, the textile industry, healthcare and social protection of the population.
In 2008, the bank took an active part in the creation of the “Avaza” National Tourist Zone. A branch of the bank was opened here, which also provides for financing and servicing investment projects under the Coastal Zone Development Program.
The State Bank for Foreign Economic Affairs of Turkmenistan was one of the first in the country to begin work on the introduction of bank plastic cards, including those issued by foreign issuing banks. Among the achievements in this area are the issuance of the plastic card "Millivisa"; issuance of a series of Visa cards; implementation of the international payment system MasterCard and more. At the same time, the bank's non-cash payment services expanded every year.
Currently, the bank maintains international relations with more than 50 foreign banks from 20 countries of the world. The most active interaction is carried out with the Islamic Development Bank (IDB), the OPEC Fund.
Also, in recent years, cooperation with leading financial institutions of the countries of the Asia-Pacific region has intensified.
In December 2021, the State Bank for Foreign Economic Affairs of Turkmenistan became the founder of the closed joint-stock company Turkmen Investment Company.
On the website of the bank you can get acquainted with a wide range of services provided to the population. A separate area is working to support entrepreneurship in the country.
