Turkmen Commodity and Raw Materials Exchange to launch online trading

Turkmen Commodity and Raw Materials Exchange to launch online trading

The work of the State Commodity and Raw Materials Exchange of Turkmenistan, in accordance with the Concept of development of a digital economy in the country, is shifting to digital technologies. According to official reports, the Cabinet of Ministers of the country proposes to upgrade the exchange in two stages.

At the first stage, it is necessary to introduce an electronic format of exchange services, which will make it possible to provide them online, including registering agreements with automatic verification of the information contained in them. It will also contribute to the systematic accounting of brokers and company data, the formation of a database of exchange information in digital form.

The second stage provides for the organization of exchange trading via the Internet, when participants of the “online” process use the principle of remote access. This will create conditions for expanding the clientele, creating favorable prices for goods, and increasing export volumes.

To ensure remote access to the exchange trading system and cybersecurity, special software and hardware systems will be used. The first phase of this project is planned to be implemented in 2019-2020, the second – in 2020-2021.

The project was presented last Friday at a government meeting to President Gurbanguly Berdimuhamedov, who instructed to finalize a number of significant points.

The modernization of organizational approaches in the work of the State Commodity and Raw Materials Exchange as the main body for regulating export-import operations in the country will contribute to the intensification of trade and business, foreign economic contacts, and the promotion of Turkmen products in foreign markets.