On November 1, the President of Turkmenistan Serdar Berdimuhamedov addressed banking sector employees and the entire people of the country with congratulations on the occasion of the 33rd anniversary of the introduction of the national currency, the manat, into circulation. The Head of State called the manat a «bright symbol of the economic successes and grand achievements of the Epoch of Revival of the New Era of the Powerful State».
According to the President Serdar Berdimuhamedov, the introduction of the national currency created conditions for the sustainable development of the economy, the stabilization of monetary circulation and the implementation of a unified state monetary policy, as well as for increased bank lending to economic sectors. He stressed that the banking system plays a key role in regulating the volume of money in circulation and in attracting free financial resources into the economy to ensure investment.
As noted by Arkadagly Hero-Serdar, large long-term credit resources directed into the economy create opportunities for industrialization, increased export potential, improvement of the import structure and the creation of additional jobs. Thanks to local raw materials, he said, the commodity backing of the national currency is increased and the stability of monetary circulation is maintained.
The Address notes that digital technologies are being introduced in the banking sector, accelerating financial and economic transactions and expanding the range of services. Effective measures are being taken to improve the financial literacy of the population. The qualifications of relevant specialists are being steadily upgraded.
In the year «Independent Neutral Turkmenistan – the Homeland of Purposeful Winged Horses», the alignment of legislative acts on banking activities with international standards continues, while the scale of the electronic payment system is being expanded to introduce contactless technologies.
The President of Turkmenistan Serdar Berdimuhamedov also reported on expanding cooperation with the International Monetary Fund, the World Bank, the Asian Development Bank, the Islamic Development Bank, the European Bank for Reconstruction and Development and the international rating agency «Fitch Ratings». According to the Head of State, this partnership is aimed at strengthening Turkmenistan’s international investment position and the innovative development of the banking system.
Serdar Berdimuhamedov stated that in terms of gross domestic product per capita, Turkmenistan has reached the average level of high-income countries. Reforms aimed at improving the quality of banking services and strengthening the manat exchange rate, according to the Head of State, have ensured the stability of monetary circulation and economic development. «We will continue to make every effort to bring our country into the ranks of states recognized by authoritative international structures as developing in terms of economic criteria», the Address states.
In conclusion, the President of Turkmenistan Serdar Berdimuhamedov wished banking employees and all fellow citizens good health, family well-being, a peaceful and happy life, and great success in their work for the sake of the further prosperity of the state.
