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    Turkmenistan

    ADB evaluates factoring potential of Turkmenistan

    ADB evaluates factoring potential of Turkmenistan

    Turkmenistan's 3- to 5-year medium-term potential of about $1.9bn in factoring volume, according to the report "Supply Chain Finance in Central Asia" from the Asian Development Bank (ADB).

    Factoring is a set of services for companies that sell goods and services on deferred payment terms.

    This estimate is given with reference to the World Bank data that the gross domestic product (GDP) of Turkmenistan in 2022 was $78bn.

    ADB notes that despite factoring being recognized in the legal framework, there is limited development of factoring operations in Turkmenistan.

    The banking sector in Turkmenistan is dominated by state-owned banks. Rysgal Bank has implemented factoring training under the EBRD's Programme. The Turkmen–Turkish joint-Stock Commercial Bank in its financial report refers to its “factoring operations".

    Nonbank financial institutions are not regulated; therefore, any SCF (Supply Chain Finance) activities carried out by them would fall under the supervision of the Ministry of Finance and they would not be recognized as factoring defined under the legal framework for banks.

    ADB emphasizes that the limited adoption and use of factoring by banks and nonbank financial institutions highlight the need for increased awareness and education on SCF products.

    "It is also important that similar legal recognition of factoring is offered to nonbank financial institutions as available to banks."

    Turkmenistan established the State Commission for Support of Small and Medium-Sized Enterprises in 2021 to support the development of SMEs.

    "It would be a step forward if the Central Bank of Turkmenistan can work together with the commission toward development of products, and raise awareness of the benefits of SCF".

    Credits: Eziz Boyarov 

    19.07.2023, 14:16   Comments (0)   746
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