ASHGABAT, Turkmenistan, September 15. The balance of loans issued by credit institutions in Turkmenistan to enterprises, organizations, and citizens as of August 1, 2023, amounted to 87.94 billion Turkmen manats ($25.17 billion), Trend reports.
The Central Bank data shows that these figures are 3.5 percent higher than as August 1, 2022 (84.91 billion Turkmen manats, or $24.3 billion).
The total amount of the loan balance issued to citizens engaged in entrepreneurial activity without the formation of a legal entity as of the beginning of August 2023 amounted to 20.32 billion Turkmen manats ($5.82 billion), which is 16 percent more than in the same period of 2022 (17.52 billion Turkmen manats, or $5.01 billion).
Turkmenistan is undergoing constant growth in its financial sector, marked by the introduction of several innovations.
One notable development is the rising availability of mobile applications that enable users to make payments for a wide range of services and products. Non-cash transactions are gaining popularity, and the utilization of bank terminals for payment purposes is also on the rise.