ASHGABAT, Turkmenistan, November 29. Turkmenistan will launch an international tender to select a reputable audit firm for the review of its major banks' financial statements, Trend reports via the country's Cabinet of Ministers.
The plan was presented for discussion at a recent Cabinet meeting, chaired by President Serdar Berdimuhamedov, during which Deputy Chairman of the Cabinet of Ministers, Hojamyrat Geldimyradov, provided a detailed update on the progress of preparations.
The tender will encompass key state and commercial banks, including the State Development Bank, the State Bank for Foreign Economic Affairs, Daýhanbank, Turkmenistan Bank, Türkmenbaşy, Halkbank, Senagat Bank, and the Turkmen-Turkish Joint-Stock Commercial Bank.
This audit process is in line with Turkmenistan’s ongoing financial reforms, as outlined in the country’s legislative framework, specifically the laws "On Credit Institutions and Banking" and "On Auditing Activity," along with the President’s decree on the "Accounting and Auditing Reform Program." The primary objective is to ensure the accuracy of financial reporting and to enhance the efficiency of banking operations within the country.
The banks involved in this tender, particularly the State Bank for Foreign Economic Affairs (Vnesheconombank) and the Turkmen-Turkish Joint-Stock Commercial Bank, play a central role in managing the majority of the country’s foreign trade transactions and international payments. Moreover, the reform program that underpins this audit is vital to sustaining the stability of the national currency, the manat, which is pegged to the US dollar at a fixed rate of 3.5 Turkmen manat per 1 USD. This exchange rate requires rigorous oversight of the financial system to ensure its stability and maintain confidence in the national currency.