RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of June 19, 1997 No. 3198

About creation of Interbank council of Turkmenistan

According to the main objectives of economic transformations in the country and for the purpose of further forming and development of bank system and system of currency circulation of Turkmenistan, ensuring active participation of banks in strengthening of potential production of economy I decide:

1. Create Interbank council of Turkmenistan.

2. Approve enclosed:

Regulations on Interbank council of Turkmenistan;

structure of Interbank council of Turkmenistan.

3. To the vice-chairman of the Cabinet of Ministers of Turkmenistan Chairman of Interbank council of Turkmenistan t. To Gurbanmuradov E. A. in a month to submit to the President of Turkmenistan the report on the beginning of work of Interbank council of Turkmenistan.

Approved by the resolution of the President of Turkmenistan of June 19, 1997, No. 3198

Structure of Interbank council of Turkmenistan

Gurbanmuradov E. A. - The vice-chairman of the Cabinet of Ministers of Turkmenistan is the Chairman of the board of National bank of foreign economic activity of Turkmenistan (chairman of the board)

Members of council:

Orazov X.A. - Chairman of the board of the Central bank of Turkmenistan

Baygeldyev Ch - Chairman of the board of the Central bank of association of daykhansky banks of Turkmenistan

Baymukhammedov B. B - Chairman of the board of Savings bank of Turkmenistan

Kandymov S. K. - Chairman of the board of Turkmenistan Joint-stock commercial bank

Padzhayev A. - Chairman of the board of Joint-stock and investment commercial bank "Investbank"

Achilov X.M. - First Deputy Chairman of the board of the Central bank of Turkmenistan

Kurbanov T. N. is the First Deputy Chairman of the board of National bank of foreign economic activity of Turkmenistan

Approved by the resolution of the President of Turkmenistan of June 19, 1997 No. 3198

Regulations on Interbank council of Turkmenistan

1. Interbank council of Turkmenistan (Council is referred to as) is the body generalizing the main directions of forming and development of bank system and credit denezhney politicians of Turkmenistan for the purpose of ensuring forward development of economy of Turkmenistan.

2. Council in the activities is guided by the Constitution of Turkmenistan, the laws of Turkmenistan both legislative and acts of Majlis of Turkmenistan, acts of the President of Turkmenistan, decisions of the Cabinet of Ministers of Turkmenistan and this Provision.

3. Main objective of activities of Council is forming and development of bank system and system of the credit and monetary relations of Turkmenistan according to the main objectives of economic policy of the President of Turkmenistan.

4. According to main objective activities of Council go for achievement of the following tasks:

determination of economic content and requirements of work of bank system of Turkmenistan on the basis of the analysis and assessment of economic transformations in Turkmenistan;

determination of functions of system of currency circulation and credit relations in Turkmenistan on the basis of the analysis and assessment of the basis production and realizable cycles in economy of Turkmenistan;

determination of tasks and stages of reforming and development of bank system and system of currency circulation of Turkmenistan, control of their high-quality and timely realization.

5. For the purpose of realization of the tasks assigned to it Council performs the following functions:

performs the analysis of system of currency circulation in Turkmenistan, studies the reasons of changes in system of currency circulation, determines actions for elimination or the prevention of possible deteriorations;

submits regular reports to the President of Turkmenistan concerning system of currency circulation, and also the offer on its enhancement;

carries out the analysis of policy and key parameters of bank crediting in Turkmenistan studies the reasons of changes of key parameters of bank crediting, determines actions for elimination or the prevention of possible deteriorations;

submits regular reports to the President of Turkmenistan concerning system of bank crediting, and also the offer on its enhancement;

carries out financial analysis and financial reporting systems of banks of Turkmenistan, studies the reasons of changes of financial condition of banks, determines actions for elimination or the prevention of possible deteriorations;

submits regular reports to the President of Turkmenistan concerning financial reporting system of banks, develops and submits for consideration of the President of Turkmenistan suggestions for improvement of financial reporting system and to establishment of financial regime of functioning of banks;

performs the analysis of settlement system of Turkmenistan, including condition of debts of the companies to the budget and for loans of banks, and also reciprocal debts of the companies, studies the reasons of changes of condition of settlement system and reciprocal debts of the companies, determines actions for elimination or the prevention of possible deteriorations;

submits regular reports to the President of Turkmenistan concerning settlement system, including reports on condition of debts of the companies to the budget and on loans of banks, and also reciprocal debts of the companies, develops and submits for consideration of the President of Turkmenistan suggestions for improvement of settlement system and to improvement of situation with reciprocal debts;

carries out the analysis of condition of external debt and external financial assets of Turkmenistan, studies the reasons of changes of condition of external debt and external financial assets, determines actions for elimination or the prevention of possible deteriorations;

submits regular reports to the President of Turkmenistan concerning condition of system of external debt and external financial assets, develops and submits for consideration of the President of Turkmenistan offers on management of external debt and external financial assets;

performs the analysis of key parameters of monetarist policies of Turkmenistan, studies the reasons of change of key parameters of monetarist policies, determines actions for elimination or the prevention of possible deteriorations;

submits regular reports to the President of Turkmenistan concerning condition of system of currency control, develops and submits for consideration of the President of Turkmenistan suggestions for improvement of monetarist policies and system of currency control.

6. For effective realization of the Council functions assigned to it has the right:

request from the Central bank of Turkmenistan and commercial banks of Turkmenistan necessary statistical data and methodological data concerning currency circulation, crediting, currency transactions, financial results of activities;

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