Turkmenistan established securities market
The final stage of implementation of the State program of Turkmenistan on development of securities market began in 2016, the country’s Neutral Turkmenistan newspaper reported.
At this stage it is planned to complete the work on creation of conditions for the full-fledged securities market’s joining the system of international financial markets. The article said that the ultimate goal of this program is to create a modern stock exchange, which corresponds to international standards.
In December 2015, President Gurbanguly Berdimuhamedov signed a decree “On issuance, sale and redemption of public bonds of Turkmenistan.”
In accordance with the accepted norms, the finance ministry of Turkmenistan is authorized to issue public stock bonds with a term of up to five years, based on the level of the refinancing rate of the central bank.
It is expected that the public bonds will be sold to legal entities through authorized brokers, regardless of ownership form, and to individuals, including foreign legal entities operating in Turkmenistan. The bonds’ emission will be carried out as an additional source of income of the Turkmen state budget of 2016, according to the newspaper.
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