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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of November 2, 2006 No. 8115

About measures for enhancement of issue of mortgage loans to citizens of Turkmenistan

For the purpose of further improvement of social living conditions of the population of the country in the 21st century - the Golden Age of the Turkmen people according to the tasks set by the National program "Strategy, Economic, Political and Cultural Development of Turkmenistan for the Period till 2020" I decide:

1. Authorize Prezidentbank Commercial bank to perform issue of mortgage loans to citizens of Turkmenistan for a period of 15 years for acquisition of apartments in again built apartment houses in Ashgabat and cottages in the etrap Archabil.

2. Determine interest rate for the mortgage loans issued to citizens of Turkmenistan in the amount of 1 percent and establish grace period on repayment of the main debt up to 5 years.

3. To Central Bank of Turkmenistan to provide in case of need Prezidentbank Commercial bank with financial resources for provision of mortgage loans to citizens of Turkmenistan.

4. To provide to banks of Turkmenistan for accomplishment of this resolution renewal of the size of annual interest rate on earlier issued mortgage loans and their sources.

5. For protection of interests of banks, and also compensation of possible losses and the guaranteed return of the credits to grant sales right of pledged property only to banks pawnbrokers in cases of the termination of the property right to pledged property or the terminations of property rights according to decisions of state bodies of Turkmenistan.

6. To Central Bank of Turkmenistan and the Ministry adalat Turkmenistan to prepare and provide offers on entering into regulatory legal acts of Turkmenistan of the changes and amendments following from this resolution to the Cabinet of Ministers of Turkmenistan.

7. Recognize invalid Items 1 and 2 of the resolution of the President of Turkmenistan from 18 Alp Arslan as 2004 No. 6843 "About development of mortgage lending in Turkmenistan" (The collection of acts of the President of Turkmenistan and decisions of the Government of Turkmenistan, 2004, No. 8, the Art. 339).

8. To impose control over the implementation of this resolution on the Chairman of the board of the Central bank of Turkmenistan Abilov G.

 

President of Turkmenistan

Saparmurat Turkmenbashi

 

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