Keywords: economy, global market, bank system.
The peculiarities of modern development of the world economy bring to the forefront the need for effective, accelerated integration into the global market space, fundamentally new, more flexible and effective approaches and methods for search and strengthening of own niche in the system of international consumer markets and the international division of labor, as a successful achievement by the countries of the socioeconomic progress. The detailed list of relevant goals and objectives in this direction is included in the text of the newest doctrine «Revival of a new epoch of the powerful state: National Program for socioeconomic development of Turkmenistan in 2022–2052».
Among them, in particular, the measures are indicated for consecutive improvement of the public administration system in line with the high dynamics of situation at the market, for strengthening of macroeconomic stability in the country, ensuring of rational use of natural resources based on modern technologies and advanced world experience, as well as on consistent strengthening of market competitiveness of the national economy. A special priority of progressive development of the national economy, in line with further development of the extractive segments, is given to purposeful intensification of the processing industries producing semi-finished and finished products. Along with the export of hydrocarbons, the Program stipulates expansion of the production base of the specialized processing facilities modernized for production of environmentally friendly finished products to promote the national export; the establishment of new production lines for the processing of mineral resources and agricultural products; stimulation of activity of the private sector in these segments for the purposes of abundance of the domestic consumer market. In the context of integrated development of the production potential of the regions, the provision of stable growth of the regions, the creation of additional job places, the formation of effectively functioning economic zones and joint ventures, mostly by attracting local and foreign investments, are among the priorities at the present stage.
This, in turn, requires further expansion of public-private partnership based on market interaction, active privatization of state-owned enterprises, targeted development of various forms of ownership, creation of joint-stock companies, consistent development of the securities market and the stock market. The decisions and effective measures taken in this regard create favorable prerequisites for building up the national export potential and establishing new production lines to manufacture export-oriented goods. In successful realization of the aims and objectives outlined for this segment the importance is attached to the state investment strategy.
A considerable part of the attracted investments is used for radical modernization and restructuring of the production, for formation of a fundamentally new «green economy». The main vectors of steady growth of effectiveness of the investment strategy include the stimulation of investment activity in the country, the increase of target investments profitability, the optimal quoting of the rate of return of the existing and newly created industries, as well as the continuation of the institutional and legal reforms, the use of modern methods of public administration. Investment activity is mentioned among the key factors of the market model socioeconomic doctrine initiated by Honorable President.
The country is accumulating sufficient amounts of financial resources to ensure high growth of the economy branches. Achieving successful implementation of the measures outlined by the National Program is the main goal of the investment strategy of Turkmenistan. In this regard, such matters become actual as creation of favorable conditions for attraction of foreign investments, protection of the legitimate rights and interests of the investors, working up and application of principles for increase of profitability of the invested public funds; improvement of commercial, financial and economic logistics 70 and development of production and sale interaction between foreign investors and local enterprises; active attraction of temporarily uncommitted funds of the households and further expansion of involvement of the state commercial banks and jointstock banks in the field of investment activity. The national financial and bank sector plays the key role in successful resolution of all the above mentioned tasks.
The work is performed to consolidate the reliability and stability of the credit institutions, increase the authorized capital of the bank institutions and develop further the electronic document flow system through active study and introduction of the most productive software. The text part of the Program underlines the need of development of various forms of remote banking services, including those based on cellular communications, the targeted technological modernization of the payment points, starting with small amounts of payments up to the use of electronic payment terminals and electronic money based on Internet, expanding the range and improving the quality of services based on the use of electronic bank cards. In addition, the technologies and software of the banking institutions are actively updated, the measures are taken to improve the quality and efficiency of communication with the structural subdivisions and branches of the banks. In this context, it seems to be expedient for the national credit institutions to study the positive experience of the international credit institutions with respect to the market of services.
At the present stage of the country's development, the important areas of activity involve the establishment of high-tech, innovative industries; the study, choice and effective application of the most advanced managerial practices, solutions. The reforms of the national banking sector have already resulted in creation of the proper legal framework to regulate the activities of the credit institutions, in technological modernization of the banking infrastructure, updating of material base of the banks. Realization of the measures of program-based development of the national economy implies among other things the achievement of modern level banking activity, in particular, through the diversification of the bank products offered to customers, the introduction of the advanced bank services actively used by the world's leading banking institutions, the establishment of new forms of work with the customers.
Today, in the country, through the Internet Banking and Mobile Bank payment systems it is possible to pay for cellular communication services, the principal and interest debts on the bank loans, to trace bank account balances in real time. Special conditions have also been created for automation of standard payments. Everyone has the opportunity to connect to the Internet Banking and Mobile Bank payment systems through contacting a bank institution and independently use the comfort and amenities provided by these systems remotely. As part of the large-scale measures implemented in the national banking sector, it is planned to further develop criteria for accelerating the formation of targeted financial flows, increasing the range of remote financial and banking services, including through technological modernization of the profile infrastructure, increasing the number of ATMs and terminals, as well as optimizing cash flow management methods.
Efficient work is carried out in our country for development and reform of the payment card system; favorable prerequisites are created for the introduction and application of new forms of bank and customer services. The active integration of the national payment system, which is one of the key components of the economy, into the international payment systems leads to a visible increase in the volume of payment and settlement operations in digital format. The rapid development of digital technologies and their active development in our country, the acceleration of the processes of cash circulation against decrease in the level of processing costs when making mutual settlements allow us to significantly improve the specific range and methodology of settlement operations.
References:
- «Revival of a new epoch of the powerful state: National Program for Socioeconomic Development of Turkmenistan in 2022- 2052» — Ashgabat, 2022
- «Program for development of economic, financial and bank spheres of Turkmenistan in 2019–2025» — Ashgabat, 2019
