The scientific and practical conference dedicated to the 25th anniversary of manat adoption was held in Ashgabat. The conference brought together the heads and specialists of relevant ministries and departments, state and joint-stock commercial banks, professors and students of specialized higher educational institutions and the specialized banking school.
The forum participants presented the reports on the history of the Turkmen numismatics, the impact of the Great Silk Road on the development of the commodity-money relations, the changes in the banking system, and cooperation with regional and reputable international financial structures.
Those speaking during the meeting highlighted the importance of the adoption of our own currency on November 1, 1993 that contributed to the establishment of market relations and a stable and competitive banking system. The adoption of such an important decision made it possible to ensure the success of an independent monetary policy and to obtain the economic sovereignty.
At present, the stable work of the banking sector is crucial for ensuring the dynamic growth of the economy and its successful integration into global world economic relations.
The priority tasks set by the President of Turkmenistan with the aim to improve this segment of the national economic complex are outlined in the State Programme on the Development of the Banking System in 20112030, in accordance with which the large-scale work is carried out to increase the volumes of lending and household deposits.
At the same time, the great importance is attached to improving the quality of monetary transactions through the provision of Internet and online banking products.
The practical steps are taken to encourage entrepreneurship, including through financing the projects to support small and medium-size businesses, which made it possible to expand the network of individual enterprises and create additional jobs.
The consistency of the monetary strategy, its efficiency is vividly proved by the macroeconomic indicators and trends in the development of the country.As a result of the measures taken, the national currency is actively used in modern electronic format.
The use of Altyn Asyr bank cards by the population, as well as the services of the international payment systems - Visa and MasterCard opened a new stage in the development of money circulation.
Particular attention is paid to the development of mortgage lending, the transfer of financial statements of banks to the international standards, raising the professional qualification of banking system specialists. An important role in the transformation processes is also assigned to the modernization of the national legislation regulating this sphere.
Given the realities of time and the norms of the world law, a number of legislative acts have been adopted in recent years.Among them are the Laws of Turkmenistan “On the Central Bank of Turkmenistan”, “On Credit Institutions and Banking Activities”, “On Microfinance Organizations and Microfinance”, “On credit unions”, “On currency regulation and foreign exchange control in foreign economic relations”, “On mandatory deposit guarantee for individuals”.
Those speaking during the meeting also underlined the ongoing work on enhancing cooperation with the International Monetary Fund (IMF), the World Bank, the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Islamic Development Bank (IDB) among others.
Within the years of long-term partnership, the international organizations have taken an active part in the implementation of key projects initiated by the Turkmen leader in various sectors of the economy, as well as in training specialists for the financial and tax systems, statistics and economic management.
The exhibition showcasing the samples of banknotes, as well as the commemorative coins, manufactured from precious metals issued by the Central Bank of the country over the years of independence, national jewelry, publications about the history of the Turkmen numismatics was organized as part of events on the occasion of the significant date.