The Global market research company Euromonitor International reported that consumer card payments and mobile-commerce will see 6.6% and 23% average annual growth rates, in 2016-2021 respectively, while global cash payments will be 1.3%
Today it is widely believed that stock market is very important for sustained economic development. The idea of the relationship between stock market development and economic growth was first proposed by Gurley and Shaw (1955).
In 2015, remittance inflow to developing countries increased by 0.4% to $431.6 billion from $430 billion comparing with 2014. However, global remittances, including the ones from high-income countries fell by 1.7% to $581.6 billion in 2015 (WB, 2016).
Due to the globalization, thriving consumer society, and rapid development of the financial intermediation, consumer lending, which includes unsecured loans lent to individuals, has become a fastgrowing area of the banking services over the past ten years in developing countrie
The financial sector, particularly, the banking sector is a very important factor for economic development, and there is wide range of theoretical and empirical literature emphasizing its importance (Patrick, 1966; Demetriades and Husseina, 1996; Arestis and Demetriades, 1997;
Theoretically, deposits are the best source of funding for the banks in terms of availability and cost. Due to the significant developments in financial markets in 1990’s and 2000’s, the share of deposits in banks’ funding slightly decreased.
Among the Central Asian countries, Turkmenistan has grown significantly due to the high amount of natural resources, mainly hydrocarbons. After the breakup of the Soviet Union, having great natural gas deposits, Turkmenistan improved its economy by implementing structural reforms.