Finance
List of Commercial banks in Turkmenistan
The banking sector in Turkmenistan is a crucial element of the nation’s financial infrastructure, supporting economic activities and offering essential financial services to individuals, businesses, and government entities. This sector plays a key role in promoting economic stability and growth within the country.
Overview of Turkmenistan’s Banking Sector
In Turkmenistan’s centrally planned economy, the government regulates and oversees the banking sector, which plays a vital role in mobilizing savings, allocating capital, and supporting economic development. Dominated by state-owned banks like the State Bank for Foreign Economic Affairs of Turkmenistan (TFEB), the sector also includes a few private banks. It offers various financial services, including deposits, loans, payment transfers, and foreign exchange, facilitating domestic and international transactions. The TFEB, as the main regulatory authority, ensures sector stability through established policies. Despite challenges such as limited financial access, transparency issues, and minimal international market integration, there are opportunities to enhance infrastructure, strengthen regulations, and attract foreign investment to modernize and diversify the sector.
| Bank Name | Headquarters | Bank Revenue(TMT) | Bank Revenue(USD) | Phone |
| State Bank for Foreign Economic Affairs of Turkmenistan | Ashgabat, Turkmenistan | 11.3billion | 3.22billion | +993 12 444404 |
| Türkmenbaşy Bank (State Commercial Bank of Turkmenistan) | Ashgabat, Turkmenistan | 3.2billion | 0.913billion | +993 12 450 199 |
| Dayhanbank | Ashgabat, Turkmenistan | 2.63billion | 0.75billion | +993 12 44 40 04 |
| Halkbank Turkmenistan | Ashgabat, Turkmenistan | 13.4 billion | 3.82billion | +993 12 48 02 16 |
| Rysgal Joint-Stock Commercial Bank | Ashgabat, Turkmenistan | 79.5 billion | 22.69billion | +993 12 40 48 08 |
Conclusion:
In conclusion, while relatively small and predominantly state-owned, the banking sector in Turkmenistan plays a vital role in supporting economic development and providing essential financial services. With ongoing reforms and strategic investments, it has the potential to evolve and significantly contribute to the country’s economic growth and prosperity.
