Turkmen Central Bank Specialists Complete USAID-sponsored study tour to Kazakhstan

PAS No 251 
July 22, 2009

Turkmen Central Bank specialists visit the National Bank of Kazakhstan

Ashgabat, July 22, 2009 – Today, a group of four specialists from the Central Bank of Turkmenistan and its regional branches completed a one-week study tour to the National Bank of Kazakhstan, organized by USAID’s Project for Economic Reforms to Enhance Competitiveness.

The participants learned about the Kazakhstan banking sector’s experience in the transition to International Financial Reporting Standards (IFRS) from the previous Soviet-era accounting system.  This is particularly significant for Turkmenistan, because the country is currently in the process of introducing IFRS to the banking sector.  The United States Agency for International Development (USAID) and the United Nations Development Program are jointly supporting the Turkmen Central Bank in this effort.

The program consisted of a series of training programs and discussions with counterparts, including about issues such as IFRS-compliant accounting, development of methodological guidelines and training activities for accountants, and other issues specific for IFRS accounting in the banking sector.  The USAID Project also presented a set of books on IFRS implementation to the Turkmen group.

The Turkmen specialists believe that the knowledge and experience they gained on this study tour will be critical for the effective implementation of IFRS in the country, which in turn will support large-scale economic reforms, including greater attraction of foreign investments and development of the robust capital market in Turkmenistan.

USAID remains committed to help Turkmenistan to achieve international financial reporting standards.  In February 2009, it worked on the opening of the IFRS training center jointly with Turkmenistan’s Supreme Council on Science and Technology.  USAID has also supported Turkmenistan’s efforts to meet international standards by presenting 78 bound copies of the official Russian translation of IFRS to the Supreme Council in June 2009 for further distribution to the Parliament, the Ministries of Foreign Affairs, Economics, and Finance, as well as to other state agencies in the economic sector.

This project is one of the many activities made possible by the American people through the United States Agency for International Development (USAID).  Since 1993, the American people through USAID have provided more than $80 million in programs that support Turkmenistan’s economic growth, social sector, and community initiatives.