ASHGABAT, Turkmenistan, March 21. The total balance of loan funds issued by banks in Turkmenistan to state institutions and enterprises as of February 1 this year amounted to 54.28 billion Turkmen manat ($15.49 billion), Trend reports.
Data from the Central Bank of Turkmenistan show that these figures are 6 percent lower than on the same date last year (57.73 billion Turkmen manat, or $16.48 billion).
The total amount of loan balances provided to non-governmental enterprises and organizations in the country as of February 1, 2024, amounted to 12.35 billion Turkmen manat ($3.52 billion), which is 3.3 percent more than on the same date in 2023 (11.95 billion Turkmen manat, or $3.41 billion).
Meanwhile, Turkmenistan's banking sector has been actively developing in recent years, with a significant increase in the number of banking institutions, the expansion of services, the modernization of infrastructure, and improved regulation to stimulate economic growth and financial inclusion.
In the meantime, according to the Central Bank of Turkmenistan, the official exchange rate of the Turkmen manat against the US dollar on March 20, 2024, is set at 3.5 manat per USD.