ASHGABAT, Turkmenistan, March 22. The combined authorized capital of all registered banks in Turkmenistan stood at nearly 7.23 billion Turkmen manat, equivalent to $2.06 billion as of February 1, 2024, Trend reports.
Data from the Central Bank of Turkmenistan show that this is 5.7 percent more than the corresponding date in 2023, when it amounted to 6.84 billion Turkmen manat, which is equivalent to $1.95 billion.
The authorized capital of state-owned commercial banks at the beginning of February 2024 stood at 2.43 billion Turkmen manat ($693.57 million), which is 10.7 percent more than in the same month of 2023 (2.2 billion Turkmen manat, or $627.93 million).
During that period, the authorized capital of joint-stock commercial banks rose by 5.6 percent from the start of February 2023 (1.78 billion Turkmen manat, or $508.05 million) to reach 1.88 billion Turkmen manat ($536.59 million).
At the same time, the authorized fund of the State Development Bank of Turkmenistan stayed constant throughout the year, standing at 2.85 billion Turkmen manat ($813.45 million) as of February 1 of this year.
Meanwhile, the development of Turkmenistan's banking sector is driven by the desire to modernize the economy and attract foreign investment through the expansion of financial services and the improvement of infrastructure.
In the meantime, according to the Central Bank of Turkmenistan, the official exchange rate of the Turkmen manat against the US dollar on March 21, 2024, is set at 3.5 manat per USD.