With the technical support of the USAID project “Assistance to the Improvement of Public Administration”, a three-day online seminar on the topic “Actual issues of strengthening the securities market of Turkmenistan” started in Ashgabat, which was attended by representatives of the Mejlis Milli Gengesh of Turkmenistan, the Ministry of Finance and Economy of Turkmenistan, the Ministry of Adalat of Turkmenistan, the State Committee for statistics of Turkmenistan, the Central Bank of Turkmenistan, the Union of Industrialists and Entrepreneurs of Turkmenistan, the Ashgabat Stock Exchange, as well as the teaching staff of the Academy of Civil Service under the President of Turkmenistan.
As known, in the Law of Turkmenistan “On the Securities Market” adopted in 2014, legal norms were defined to ensure the effective functioning of the securities market and the development of the country's market economy. It should be noted that the legislation of Turkmenistan on the securities market is based on the Constitution of Turkmenistan and other normative legal acts, for example, the Law of Turkmenistan "On Joint-Stock Companies" regulating the issue and circulation of securities and investment activities.
In the program of the seminar, international experts Giorgi Paresishvili and Mindaugas Bakas delivered overview lectures, who shared the experience of a number of countries: Poland, Ukraine, Lithuania, Georgia and Kazakhstan on developing the securities market in the context of digital transformation and modeling the stock market, taking into account country economic specifics.
The seminar participants were especially interested in the thematic session, which presented the infrastructure of the securities market, consisting of four parts: functional, including stock exchanges, over-the-counter trading systems, alternative trading systems; investment - these are banks, brokerage and dealer companies, non-bank financial institutions (NCFO); technical, consisting of clearing and settlement organizations, depository, registrars (that is, those organizations that facilitate the organization of transactions), and finally informational, regulating the activities of information and analytical agencies, analytical publications and business press.
As part of the applied part of the seminar, it is planned to discuss international practices related to indicators of the state of the securities market, certain models of stock exchanges in developed countries, the tasks of regulating the securities market to ensure the financial security of participants and standardized procedures.
The Academy of Public Administration under the President of Turkmenistan in its educational programs gradually implemented a set of academic disciplines aimed at improving the professional and organizational skills of listeners and students in such areas of public administration as macroeconomics, investment, monetary and fiscal policy, the legal foundations of socio-economic development and others .
As Akjemal Burunova, Candidate of Economic Sciences, Associate Professor of the Department of Economics and Finance of the Academy of Civil Service, noted: “The financial market of our country is an integral component of the state economy and money circulation. Especially considering that one of the main goals of a mixed market economy is to increase profits for investing in strategic development programs. Therefore, the study of international experience in the development of the securities market and the improvement of the activities of stock exchanges is a useful form of information exchange and study of best practices.”
Begench Khalnepesov, a 1st-year student of the Master's program in Public Administration at the Academy of Civil Service, drew the attention of the participants to the fact that “an important feature of the work of the securities market and the stock exchange as a whole is formality and organization. Therefore, the exchange is a kind of special platform where people make deals and exchange money, goods, securities or derivative contracts. In other words, the exchange works in the same way as a regular market, that is, everything is decided by the balance of supply and demand: the higher the demand for a particular product, the higher its price. Only on the exchange, securities act as commodities, they are also called assets.
