UNDP advises Turkmenistan on financial account development
The United Nations Development Program held an online roundtable on financial account compilation within the framework of the project “Strengthening the institutional and statistical capacity for national accounts”, which is being implemented by UNDP in cooperation with the State Committee of Turkmenistan on Statistics.
The financial account registers monetary transactions between institutional units and allows to determine the financial condition of the country's economy, taking into account the degree of its financial dependence at the global level. The purpose of the UNDP event was to present and discuss the development of the financial account and balance of financial assets and liabilities in Turkmenistan.
The meeting brought together representatives of the Ministry of Finance and Economy of Turkmenistan, the Central Bank and other commercial banks, the State Insurance Organization, the Ministry of Labor and Social Protection of the Population and other sectoral ministries and departments of Turkmenistan dealing with monetary transactions.
During the meeting, international consultant Michael Andreash introduced the participants to methodological issues, data sources and the procedure for preparing financial statements. The presentation highlighted the best practices of other countries, highlighting the importance of banking data, the need to assess foreign exchange reserves and compose trade credits using balance sheet data.
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