BAKU, Azerbaijan, November 2. Turkmenistan is stepping up efforts to modernize its financial, economic and banking sectors as part of a broader strategy to diversify the national economy.
According to a press release issued by the Turkmen government’s press service, President Serdar Berdimuhamedov has instructed Deputy Chairman of the Cabinet of Ministers Hojamyrat Geldimyradov to intensify work in these areas.
Geldimyradov reported on the activities of the country's financial, economic and banking complex during a government meeting., the publication notes. The measures cover several areas, including the development of banking and insurance services, the introduction of digital services and modern financial technologies, improvements to economic regulation mechanisms and the relevant legislative framework, and the modernization of the national statistics system.
The agenda also includes improvements to labor relations, social security and social protection, the development of standardization, and expanded cooperation with international financial institutions. Investment is being directed towards economic diversification, industrial development and the establishment of production facilities based on innovative technologies, the report says.
After hearing the report, President Serdar Berdimuhamedov highlighted measures aimed at economic growth and improvements to the budget and tax system.
Notably, Turkmenistan's efforts to modernize its financial and banking sector are being carried out under the Concept for the Development of the Digital Economy for 2026-2028. In January 2026, President Serdar Berdimuhamedov approved proposals to upgrade the infrastructure of the Central Bank, Turkmenistan State Commercial Bank and the Turkmenbashy Joint-Stock Commercial Bank. The measures are aimed at expanding the use of financial technologies and improving the accessibility and efficiency of banking services for businesses and the population.
The expansion of digital banking is also reflected in the growing use of bank cards across the country. Trend previously reported, based on its calculations using data from the Central Bank of Turkmenistan, that the number of bank cards registered in the country's banking system reached 6.7 million in January-September 2026, up 4.6% year-on-year.
In parallel, data presented by a Central Bank representative at the Turkmenistan Investment Forum in October showed that cashless transactions accounted for 47.6% of all transactions in the country's card payment system as of September 1, compared with 44.3% a year earlier.
Turkmenistan is also seeking to expand cooperation with international financial institutions. In March 2026, the government announced preparations for a new cooperation strategy with the European Bank for Reconstruction and Development for 2026-2030, intended to support investment in both the public and private sectors. According to the government, more than 80 projects had been implemented in the country with EBRD support since 1992. At the same time, the International Monetary Fund's June 2026 assessment highlighted the need for broader financial-sector reforms, including stronger monetary policy frameworks, more market-based credit allocation and improvements to the exchange-rate system.
