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For the period from October 1, 2022 to October 1, 2023, the volume of funds attracted from the population in deposits in banks of Turkmenistan increased by 6.4% and amounted to 3068.6 million manats, reports the Bank habarlary magazine of the Central Bank of the country.
At the same time, the volume of funds attracted to demand deposits increased over the year by 2.4% - to 2495.1 million manats. The volume of time deposits of individuals increased during this period by 27.1% and reached 573.6 million manats.
The largest increase in attracted funds from the population in deposits was recorded in joint-stock commercial banks - by 8% to 1148.5 million manats. In state commercial banks, the growth was 6.4% - up to 919.5 million manats.
A significant increase in the volume of time bank deposits is an extremely favorable trend for the further development of lending to the economy of Turkmenistan.
An increase in the resource base will allow commercial banks to increase the volume of corporate lending and finance large-scale investment projects in the areas of industry, infrastructure, and agriculture. This will help modernize the national economy, create new jobs, and improve the standard of living of the population.