Turkmenistan's Türkmenbaşy Bank Becomes Joint-Stock Commercial Bank

Turkmenistan's Türkmenbaşy Bank Becomes Joint-Stock Commercial Bank

The organizational and legal structure of Türkmenbaşy State Commercial Bank of Turkmenistan is transformed to an open joint stock company, and a number of higher educational institutions will switch to self-financing.

During the Cabinet of Ministers meeting held on Friday, Vice-Premier Gadyrgeldi Mushshikov reported to President of Turkmenistan Gurbanguly Berdimuhamedov on the implementation of instructions regarding the transfer of a number of higher educational institutions to self-financing and on changing the organizational and legal structure of the Türkmenbaşy bank, and presented the relevant draft resolutions to the Head of State for consideration, the country's official media reports.

Following report, the Head of Turkmenistan approved the proposals submitted in accordance with these instructions on transferring a number of higher educational institutions to self-financing and on changing the organizational and legal structure of the Türkmenbaşy State Commercial Bank and signed the relevant resolutions.

The document authorizes the Ministry of Finance and Economy and the State Insurance Organization to participate as founders of Türkmenbaşy Joint-Stock Commercial Bank, with a 99% and 1% share in its authorized capital, respectively.

In accordance with President’s other Resolution, International University of Humanities and Development, International University of Oil and Gas named after Yagshygeldy Kakayev, Institute of Telecommunications and Informatics of Turkmenistan, Turkmen State Institute of Economics and Management, Turkmen State Financial Institute, Turkmen State Institute of Architecture and Construction, and University of Engineering Technologies of Turkmenistan named after Oguz Han will switch to self-financing from September 1, 2021.

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