Turkmen State Institute of Economics and Management has hosted scientific and practical conference timed to the 27th anniversary of introduction of national currency, manat. Heads and specialists and the state, joint stock and commercial banks, professors and lecturers and students as well as representatives of the Academy of Sciences of the country and mass media took part in the forum.
The agenda of the conference included current subjects of development of national banking system as well as analysis of impact of global factors on development of the economy of Turkmenistan.
Reports on fundamental changes in this sphere in the context of implementation of the State Program of development of banking system in 2011 – 2030 as well as on development of monetary and credit policy and digital technologies, expansion of cooperation with international financial structures, history of monetary circulation in Turkmenistan have been presented during the forum.
It was mentioned that formation of favorable climate for attraction of foreign investments and resources of national entrepreneurship sector, increment of credit volumes for implementation of big strategic projects are the main aspects of economic strategy of the country.
President Gurbanguly Berdimuhamedov has developed flexible economic strategy with the focus on social orientation and taking into account national interests as well as the world integration processes.
According to Turkmen leaders introduction of digital technologies, provision of stable development based on enhancement of efficiency of capital management system and prevention of risks, development of the system of corporate management as well as improvement of entrepreneurship sphere, increment of income and profitability of banks are the main objectives of financial and credit systems.
Special attention is paid to the formation of legislative base, which complies with time realities and recognized universal standards, to improvement of financial sphere, tax, budgetary and pricing policy in achievement of positive results.
Number of normative and legal documents has been developed in the last years taking into account international standards existing in this field. It includes the Laws of Turkmenistan on Central Bank of Turkmenistan, on Credit Facilities and Bank Activity, on Micro financial Organizations and Micro Financing, on Credit Unions, On Foreign Currency Regulation and Foreign Currency Control in Foreign Economic Relations, on Mandatory Guarantee of Individual Deposits.
The focus in the report has been made on activation of cooperation with International Monetary Fund, the World Bank, European Bank for Reconstruction and Development, Asian Development Bank, Islamic Development Bank and other.
It was mentioned that Turkmen banks would have big objectives, which includes the attraction of financial resources of the citizens. Specialists of this sphere carry out work aimed at improvement of level of trust of investors and depositors, protection of their interests. This includes implementation of advanced technologies to banking system, increment of volumes of mortgage lending, financing of investment projects according to the government and profile programs.
Importance of modernization of the system of personnel training for banking sphere has also been highlighted. The participants mentioned that versatile cooperation has been established with the leading foreign scientific and educational centers for this purpose, educational plans are updated and new course and specialties are opened.
In this regard, it is worth to mention that Turkmen State Institute of Economics and Management is leading by number of new directions of professional education. Starting from 2020 – 2021 academic year, such subjects as banking and monetary circulation, financial markets and financial security in digital economy, digital technologies in trade and logistics, informational systems and technologies (in economics and management), program software of computer systems have been added to the program. Turkmen State Financial Institute has also started to educate bachelors in the sphere of international finances. This is to provide new level of education and study in economic, financial and management spheres.
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