State Commercial Halkbank to be transformed into joint stock venture

Proposal on change of organization and legal structure of the State Commercial Halkbank into Open Joint Stock Venture, which was developed based on analysis held by the Ministry of Finances and Economy with the Central Bank, has been presented to the President of Turkmenistan at the session of the Government.

Vice-premier G. Mushikov has informed that work for the work for organization of work of security markets on proper level, improvement of activity of banking institutes and staged reformation of them into joint ventures is carried out. Implemented measures are in line with objectives outlined in the Programme of social and economic development of the country in 2019 – 2025 and the State Programme of development of banking sphere in 2011 – 2030.

In this regard, the Head of the State noted that measures for further development of credit facilities of the country are to make positive effect on improvement of investment potential of the banks, strengthening of financial base, improvement of banking control, expansion of volumes of relative operations.

Having approved the proposal on reformation of the State Commercial Bank Halkbank into Open Joint Stock Venture, the President of Turkmenistan ordered the Vice-premier to complete planned work in set timescale and to think over the subjects of change of organizational and legal structure of some state banks.



Source: Turkmenistan: the Golden Age Online Newspaper