Since 1991, with the creation of a new independent state, also the banking system of the country has entered upon a period of renewal. At the moment the banking system of Turkmenistan is constituited by the central bank and by some commercial banks.
The Central Bank of Turkmenistan is at the top of the banking sy-stem and establishes the rules that regulate the functioning of the sector in the country. The commercial banks prevalently carry on the function of running financial relations between private companies and the state. They can be divided into state-owned and joint-stock com-panies. The first ones utilize exclusively public capital and are prefer-red by the state for its banking operations, while the private banks utilize essentially private capitals, even if some shares can be owned by the state itself. The commercial banks operating in Turkmenistan are at the moment altogether thirteen, while the presence of foreign banks is restricted to the presence of a Pakistani credit institution and of a representative body of Deutsche Bank. The national com-mercial banks and the foreign banks operating at the moment in the country are listed in the special Tables.
From a practical point of view banks last years have considerably widened the range of services offered to customers, including among them money transfers by swift and the utilize of the main interna-tional credit cards.

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