The seminar dedicated to the World Savings Day and the 23d anniversary of the introduction of the national currency – manat took place in the conference hall of the Hazar Hotel in the Avaza National tourism zone. The forum organized by the Central Bank of Turkmenistan jointly with the Savings Banks Foundation for International Cooperation of Germany brought together the representatives of large credit institutions of our country, relevant ministries and departments, university professors, specialists of the Academy of Sciences, the Academy of Public Service under the President of Turkmenistan as well as journalists.
The forum agenda focused on the issues related to the role of financial statistics and monetary policy, turning people’s savings into investments, improvement of the currency circulation system and other areas. The main goal of the seminar is to exchange views on the importance of increasing the level of financial awareness and developing the culture of savings.
Speaking during the forum, the experts of the Savings Banks Foundation for International Cooperation of Germany Matthias Wangler and Konstantin Panteleyev expressed gratitude to the President of Turkmenistan for the comprehensive support and organization of the forum. Underlining that the Foundation is one of reliable partners in the banking sphere of our country, the foreign guests emphasized the significance of this event held in Turkmenistan for the first time in the framework of the World Savings Day celebrations.
According to the forum participants, improvement of the national financial and credit system, bringing it in compliance with the international standards stand as priority aspects of economic reforms initiated by the President of Turkmenistan. Today, when our country integrates into the system of the world economic relations, the study of the best practices of large European banks and implementation of the most advanced management methods in financial sphere are of particular significance.
Our country steadily and dynamically moves forward towards the new levels of the social and economic progress. The well-balanced macroeconomic strategy of progressive reforms initiated by the Turkmen leader, which allow achieving the qualitatively new results in all spheres of the national economy, provide the foundation for the successive development of Turkmenistan.
The ambitious state programmes on the social and economic development of the country as well as the programmes aimed at improving the works of the industries, including financial sphere, have been actively implemented in the country within the last years.
As a result of the taken measures, the national currency – manat more actively works in the modern electronic format. The use of the Altyn Asyr banking card by the people of Turkmenistan has opened up a new stage in the development of the currency circulation. Visa Electron, Visa Classic, Visa Gold services are offered to the citizens of our country and Visa Business – to legal entities. Moreover, the relevant work done to introduce the MasterCard international payment system in order to arrange non-cash transactions in the sphere of trade and services, payment for goods and services as well as purchase tickets in Internet.
Modernization of the national legislation, including the one regulating the banking sphere plays an essential role in the reformatory processes. A number of regulatory acts were developed given the modern requirements and international standards in this sphere. Among is the Law of Turkmenistan “On obligatory guarantee of private deposits” aimed at protecting the rights and legitimate interests of depositors and strengthening of trust in the banking system, which was adopted in October, 2016.
The forum participants focused on the importance of the awareness campaigns among depositors so that they could learn more about the range of banking products and services, the relation between savings and economic growth, individual investment strategies and principles for choosing deposit products. In this regard, those taking part in the forum noted that the experience of German partners, who have proved themselves as the leaders in Europe in this area, was of high demand for specialists of the banking sector of our country.
Summing up the seminar, the participants exchanged views on the possibilities of further expansion of cooperation between the banks of Turkmenistan and the Savings Banks Foundation for International Cooperation of the Federal Republic of Germany.
The forum agenda focused on the issues related to the role of financial statistics and monetary policy, turning people’s savings into investments, improvement of the currency circulation system and other areas. The main goal of the seminar is to exchange views on the importance of increasing the level of financial awareness and developing the culture of savings.
Speaking during the forum, the experts of the Savings Banks Foundation for International Cooperation of Germany Matthias Wangler and Konstantin Panteleyev expressed gratitude to the President of Turkmenistan for the comprehensive support and organization of the forum. Underlining that the Foundation is one of reliable partners in the banking sphere of our country, the foreign guests emphasized the significance of this event held in Turkmenistan for the first time in the framework of the World Savings Day celebrations.
According to the forum participants, improvement of the national financial and credit system, bringing it in compliance with the international standards stand as priority aspects of economic reforms initiated by the President of Turkmenistan. Today, when our country integrates into the system of the world economic relations, the study of the best practices of large European banks and implementation of the most advanced management methods in financial sphere are of particular significance.
Our country steadily and dynamically moves forward towards the new levels of the social and economic progress. The well-balanced macroeconomic strategy of progressive reforms initiated by the Turkmen leader, which allow achieving the qualitatively new results in all spheres of the national economy, provide the foundation for the successive development of Turkmenistan.
The ambitious state programmes on the social and economic development of the country as well as the programmes aimed at improving the works of the industries, including financial sphere, have been actively implemented in the country within the last years.
As a result of the taken measures, the national currency – manat more actively works in the modern electronic format. The use of the Altyn Asyr banking card by the people of Turkmenistan has opened up a new stage in the development of the currency circulation. Visa Electron, Visa Classic, Visa Gold services are offered to the citizens of our country and Visa Business – to legal entities. Moreover, the relevant work done to introduce the MasterCard international payment system in order to arrange non-cash transactions in the sphere of trade and services, payment for goods and services as well as purchase tickets in Internet.
Modernization of the national legislation, including the one regulating the banking sphere plays an essential role in the reformatory processes. A number of regulatory acts were developed given the modern requirements and international standards in this sphere. Among is the Law of Turkmenistan “On obligatory guarantee of private deposits” aimed at protecting the rights and legitimate interests of depositors and strengthening of trust in the banking system, which was adopted in October, 2016.
The forum participants focused on the importance of the awareness campaigns among depositors so that they could learn more about the range of banking products and services, the relation between savings and economic growth, individual investment strategies and principles for choosing deposit products. In this regard, those taking part in the forum noted that the experience of German partners, who have proved themselves as the leaders in Europe in this area, was of high demand for specialists of the banking sector of our country.
Summing up the seminar, the participants exchanged views on the possibilities of further expansion of cooperation between the banks of Turkmenistan and the Savings Banks Foundation for International Cooperation of the Federal Republic of Germany.
