(MENAFN- AzerNews) The cumulative loan volume disbursed by banks in Turkmenistan inthe local currency for the whole of 2023 totaled 23.61 billionTurkmen manat ($6.74 billion), with 1.95 billion Turkmen manat($556.57 billion) being granted solely in December, Azernews reports.
Data from the Central Bank of Turkmenistan show that this figureis 38.8 percent lower than in the whole of 2022, when it amountedto 38.61 billion Turkmen manat ($11.02 billion).
Throughout this timeframe, corporate entities obtained loanstotaling 18.21 billion Turkmen manat, corresponding to $5.2billion, marking a 46.9 percent decrease compared to 2022, when thefigure stood at 34.29 billion Turkmen manat ($9.79 billion).
Furthermore, over the past year, banks in Turkmenistan providedloans to individuals totaling 5.4 billion Turkmen manat ($1.54billion), which is almost 25 percent more than in the same periodin 2022 (4.32 billion Turkmen manat or $1.23 billion).
Meanwhile, the development of Turkmenistan's banking sector isdriven by the desire to modernize the economy and attract foreigninvestment through the expansion of financial services and theimprovement of infrastructure.
In the meantime, according to the Central Bank of Turkmenistan,the official exchange rate of the Turkmen manat against the USdollar on March 21, 2024, is set at 3.5 manat per USD.
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