Russia's Transkapitalbank, State Bank for Foreign Economic Affairs of Turkmenistan sign deal

8 April 2021 16:54 (UTC+04:00)

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An agreement on cooperation between the Russian Transkapitalbank and the State Bank for Foreign Economic Affairs of Turkmenistan has been signed, Trend reports with reference to Turkmenportal information portal.

The cooperation agreement is designed to strengthen the partnership relations of the parties and identify prospects and directions for their development.

The banks established correspondent relations in 2016, the report said.

As earlier the Russian Ministry of Foreign Affairs told Trend, The positive dynamics in Russian-Turkmen trade continued in 2020 – the trade turnover increased by 39.6 percent, compared to 2019 and reached $970.2 million (excluding Turkmen gas supplies).

The message said that the volume of exports increased by 19.6 percent (to $649.5 million), imports – by 11.6 percent (to $320.6 million).

"In 2020, Turkmenistan mainly exported metals and products made from them; food and agricultural raw materials; chemical industry products; machinery, equipment, and vehicles," the ministry noted.

The main items of import from Turkmenistan were: chemical industry products; textile, products made from it and shoes; food products and agricultural raw materials; mineral products.