ASHGABAD, March 7 (Itar-Tass) — Turkmenistan President Gurbanguly Berdymukhamedov replaced the directors of almost all the commercial banks of the country. The relevant decrees were published by the national mass media on Wednesday. Berdymukhamedov continues to form the new Cabinet, following the February 12 presidential elections.

He appointed new chairperson of the Banks' boards - Gouchmyrat Myradov /Turkmenistan/, Serdar Bairamov /State Bank of Development/ Churi Churiyev /Khalkbank/, Rovshen Nuryagdyyev /Garagum/ and Akhmet Gylychdurdyyev /Turkmenbashi/. All the appointees earlier were deputy chairpersons on the boards.

Their predecessors were relieved of their duties "due to transfer to other jobs," the media said.

The reshuffles in banking began in late February, when the president fired the chairpersons of two large banks - the State Bank of Development and bank Turkmenistan, for "faulty work and the failure to cope with the duties."

"Coordinated work of the banking sphere is an important condition for successful implementation of the large restructuring programs in the country," the Turkmen leader stated at the latest Cabinet meeting, which reviewed the issues to perfect commercial banks' operations.