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The Asian Development Bank (ADB) has released a report on the completion of technical assistance in the application of 9 financial instruments of International Financial Reporting Standards (IFRS) in two commercial banks of Turkmenistan, reports Trend with reference to ADB.
The project was carried out in Joint Stock Commercial Banks “Rysgal” and “Senegat”.
“The total cost of the project was 225 000 USD, of which 190,174 were spent as intended. The remaining funds, 34,826 USD, were not spent due to restrictions related to the COVID-19 outbreak”, the statement said.
It was also noted that the successful implementation of the ADB project in Turkmenistan would improve the practice of banks creating reserves to compensate for possible losses on loans, as well as help ensure a fair reflection of the assessment of loans in their financial statements, which will increase the resilience of the above banks to shocks.