Oriented on making people closer

The State Bank for Foreign Economic Activity of Turkmenistan (SBFEAT) was established on January 27, 1992 to develop and strengthen Turkmenistan's foreign economic relations with foreign partners and has been repeatedly declared the best bank in the country according to various economic publications. This year, the bank celebrates the 31st anniversary of its formation, having reached new heights that have brought significant benefits to society and the state.

As an agent of the Government of Turkmenistan in the international capital market, SBFEAT participates in the implementation of all significant investment projects of the country. Structural reforms in the economy are carried out mainly through traditional bank lending and attracting foreign loans in foreign markets.

SBFEAT promotes the attraction of foreign investments into the national economy to create new jobs, including through the Closed Joint-Stock Company "Turkmen Investment Company" (Türkmen maýa goýum kompaniýasy).

In 2022, the bank provided an opportunity for Turkmen companies producing export-oriented products to purchase the necessary raw materials abroad in foreign currency at the expense of the International Islamic Trade and Finance Corporation (ITFC).

Also last year, SBFEAT and ITFC held for the first time a joint seminar dedicated to realizing the export potential of Turkmenistan through the opening of new sales markets and establishing ties with countries that use Islamic banking tools.

SBFEAT has introduced many services aimed at supporting and developing the private sector of the economy. So, he can finance up to 85% of the cost of entrepreneurs' investment projects with a loan rate of 5 to 7% per annum for up to 10 years. For businessmen engaged in agriculture, a preferential loan is offered at 1% per annum for the purchase of agricultural machinery.

In 2022, SBFEAT supplemented the Internet banking capabilities, and now legal entities can make payments online, check cash flow, pay salaries, receive account statements and apply for new ones. At the same time, the security of this system was ensured by two-factor authentication and secure communication channels when making payments.

Further support for small and medium-sized businesses is an integral part of the bank's plans, as it continues to work in cooperation with the Asian Development Bank and the Islamic Development Bank to provide financing to support private companies and increase Turkmen exports.

Over the years, SBFEAT has proven highly effective as a world-class financial structure that benefits the citizens of Turkmenistan and protects the country's economic interests abroad.

ORIENT

Photo: from the editorial office archive