Today, the work of the banking system of the country is being improved in accordance with the requirements of the times. At present, large-scale work is being carried out to further increase the reliability of the banking system of the economy. The structural, regional and inter-departmental reforms launched in the country prove their economic advantages in practice.
Also, special attention is paid to continuous improvement of the country’s monetary and credit policy, financial support to production and export-oriented sectors of the economy, effective cooperation with international financial organizations, introduction of the latest innovative, modern technologies into the work of the system.
In the development of small and medium-sized businesses in the country, state support has a special place. Financial and credit support of the private sector of the economy is one of the important directions of the state policy. The legal basis of this state policy is defined in the Law of Turkmenistan “On State Support of Small and Medium Businesses”. According to it, it was established by credit institutions to provide soft bank loans at 5% per annum for investment projects to private enterprises, entrepreneurs, farmers, producers of other agricultural products for up to 10 years, and up to 1 year for the purchase of working capital.
Altyngozel CHARYYEVA,
student of the institute of International Relations
of MFA of Turkmenistan.
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