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 purpose of the visit was to learn the experience of the Kazakhstan banking sector in the transition to International Financial Reporting Standards (IFRS) from the previous Soviet-era accounting system. This is particularly important, because Turkmenistan is currently in the process of introducing IFRS in the banking sector. The United States Agency for International Development (USAID) and the United Nations Development Program jointly support the Turkmen Central Bank in this effort. As part of the visit, the Turkmen delegation had a series of trainings and discussions with their counterparts; including such issues as IFRS-compliant accounting, development of methodological guidelines and training activities for accountants, 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 at the 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 the Supreme Council on Science and Technology, under the President of Turkmenistan. 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.

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