Today, the Joint-Stock Commercial Bank “Senagat” hosted a scientific-practical conference titled “International Year of Peace and Trust: The Role of the Turkmen Manat in the Socio-Economic Development of the Country”, timed to the 32nd anniversary of the introduction of the national currency into circulation, The Caspian Post informs via Turkmenistan Today.
The forum was attended by heads and specialists of state and joint-stock commercial banks, representatives of the financial and economic sectors, academic staff and students of specialized higher and secondary vocational educational institutions, as well as members of the mass media.
Today, Turkmenistan marks an important historical date - the 32nd anniversary of the introduction of its national currency, which is inseparably linked with the country’s independence and serves as a symbol of its economic sovereignty, stability, and confident advancement along the path of progress.
The introduction of the national currency in 1993 was a significant step toward strengthening the Motherland’s sovereignty. It enabled Turkmenistan to form the foundation of an independent and dynamically developing national economy. For more than 30 years, the Turkmen manat has demonstrated stability, confirming the success of the well-considered macroeconomic policy pursued by our state.
The stability of the manat serves as a guarantee of the people’s prosperous life and is a key factor in attracting investment. It strengthens Turkmenistan’s position on the international stage as a reliable partner and creates favorable opportunities for doing business.
The forum was preceded by an exhibition featuring the collection of the State Fund of Precious Metals and Stones of the Central Bank of Turkmenistan.
The conference agenda included such issues as the country’s economic achievements since the introduction of the national manat, monetary and credit policy, the establishment of modern banking services through the introduction of digital technologies, the improvement of the electronic payment system, and cooperation with international financial institutions.
In the congratulatory message of President Serdar Berdimuhamedov on the occasion of this remarkable date, it is noted that the introduction of the national currency into circulation has created favorable conditions necessary for balanced economic growth, the stabilization of monetary circulation, the efficiency of the unified state monetary policy, and the enhancement of crediting in economic sectors.
The message of the Head of State also emphasizes: “In the Era of Revival of the New Epoch of the Powerful State, the banking sector demonstrates rapid development. The introduction of modern digital technologies into its activities significantly accelerates financial and economic operations, considerably expands the range of provided services, and enhances their efficiency and quality. The circulation of the national currency in the economy is being regularly improved; due to efficient cash flow, the number of new productions increases. Effective measures are being taken to improve the financial literacy of the population. The qualifications of specialized personnel are being consistently enhanced.”
As noted in the speeches, special importance in state policy is attached to strengthening the activity of the banking system and the national currency, which contributes to the development not only of the financial sphere but of all sectors of the economy. The Turkmen manat, being the sole instrument for measuring the value of goods and services, serves as a key factor in ensuring the country’s progress and economic security, as well as maintaining macroeconomic balance.
It was also emphasized that, mutually beneficial cooperation is being carried out with the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, and the Islamic Development Bank in order to promote the innovative development of the banking system, expand partnerships with international and regional financial organizations, and improve lending to economically significant sectors. The fruitful nature of cooperation with the rating agency Fitch Ratings was also noted. In this context, participants of the forum stated that the assignment to Turkmenistan by this reputable institution of a “BB-” rating with a stable outlook is clear evidence of the effectiveness and resilience of the national economy.
The reports emphasized that in the conditions of globalization of world economic relations, the manat remains the foundation of the country’s financial stability. As a result of strategic reforms and economic diversification implemented under the leadership of the Head of State, the national currency is strengthening, which directly contributes to improving the standard of living of the population. It was also stressed that the implementation of large-scale projects in various industries provides a solid resource base for maintaining the stability of the Turkmen manat.
At the conclusion of the scientific-practical conference, the participants adopted an Address to President Serdar Berdimuhamedov.
