Turkmenistan - Banking Systems Turkmenistan - Banking Systems
State banks include: The State Bank for Foreign Economic Relations (Vnesheconombank), Dayhanbank, Turkmenbashy, Turkmenistan, and Halk. These state banks have narrow specializations--foreign trade, agriculture, industry, social infrastructure, savings, and mortgages, respectively. Other smaller state banks, such as Senagat Bank, provide general banking services only. There are also five foreign commercial banks in the country: a joint Turkmen-Turkish bank (with Ziraat Bank), a branch of the National Bank of Pakistan, German Deutsche and Commerz banks, and a branch of Saderat Bank of Iran. The two German banks provide European bank guarantees for companies and for the Turkmen government; they do not provide general banking services. Companies increasingly report dealing with vendors only in cash as vendors report difficulties accessing their money in bank accounts. More detailed information on the payment system of Turkmenistan is available in English at the website of the Central Bank of Turkmenistan (https://www.cbt.tm/en/).
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