MINISTRY OF EDUCATION OF TURKMENISTAN

INTERNATIONAL UNIVERSITY FOR THE HUMANITIES AND

DEVELOPMENT
INTERNATIONAL ECONOMICS AND MANAGEMENT FACULTY
FINANCE DEPARTMENT

Amanov Aman

Diploma thesis for

“International Finance”

TYPES OF INTERNATIONAL FINANCIAL INSTITUTIONS AND WAYS OF

IMPROVEMENT

Thesis supervisor
Yagshyyev Yhlas

Ashgabat-2020
 Diploma thesis acceptance paper

Student’s last name, first name: Amanov Aman

Student number: 111111

Major: International Finance

Thesis supervisor: Yagshyyev Yhlas

Title of diploma thesis: Types of international institutions and

ways of improvement

The diploma thesis of the above-indicated student was reviewed for form and
content and confirmed to be in compliance with the diploma thesis writing
regulations of Finance Department of the International Economics and
Management Faculty of International University for the Humanities and
Development.

Date:...../...../.....

Thesis supervisor’s signature: Yagshyyev Yhlas

Thesis reviewer’s signature: Gelenova Aknur

Department head’s signature: Mametsaliyeva Ayna

 Acceptance and approval decision

Mengli Halmyradova’s diploma thesis titled “Types of international payments

and ways of improvement” was reviewed and approved by the members of the
State Examination Committee.

Members of the State Examination Committee:

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 CONTENT
LIST OF ACRONYMS...........................................................................................9
INTRODUCTION...................................................................................................9
CHAPTER I. THE SIGNIFICANCE OF INTERNATIONAL PAYMENTS.13
1.1. Characteristics of international payments.....................................................13
1.2. Usage of currency and payment conditions peculiarities in foreign-economic
relations................................................................................................................16
1.3. Types of international payment system and their role..................................22
CHAPTER 2. WAYS OF INTRODUCING THE INTERNATIONAL
PAYMENT SYSTEMS INTO THE NATIONAL ECONOMY.......................38
2.1 Payment systems over VISA and MasterCard plastic cards..........................38
2.2. Advantages and benefits of VISA and “MasterCard” plastic cards...........49
2.3. Information technologies in international currency, payment and credit-
financial operations..............................................................................................50
2.3.1 The SWIFT protocol................................................................................50
2.3.2 Automation and Digitalization of the International Payment System.....60
CHAPTER 3.THE NECESSITY AND IMPORTANCE OF INTRODUCING
INTERNATIONAL PAYMENT SYSTEMS IN TURKMENISTAN..............63
CONCLUSION AND RECOMMENDATIONS................................................64
BIBLIOGRAPHY.................................................................................................66
 LIST OF ACRONYMS
GDP - Gross Domestic Product
IMF - International Monetary Fund
SWIFT - System of World Interbank Financial Telecommunication
BIS - Bank for International Settlement
BIC - Bank Identifier Code
UN - United Nations
ICT - Information Communications Technology
APM - Alternative Payment Method
ATM - Automated Teller Machine
ICC - International Chamber of Commerce
CIS - Commonwealth of Independent States
 BIBLIOGRAPHY
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 Diploma thesis disclaimer
I have read and understand the academic regulations of International
University for the Humanities and Development and I understand that
plagiarism is a serious academic offence.
I confirm that I have referenced, paraphrased and acknowledged properly all
sources used in preparation of this diploma thesis.
I declare that, except where appropriately referenced, this diploma thesis is
entirely my own work based on my personal study and/or research.
I further declare that I have not engaged the services of another to either assist
in, or complete this diploma thesis. Where such services are legally allowed I have
acknowledged same in this thesis.
I confirm that the views and opinions expressed in this thesis are mine and do
not necessarily reflect the views and opinions of International University for the
Humanities and Development.
I understand and agree that plagiarism detection procedures may be used on
my work.
I understand that if I plagiarize, or if I assist others in doing so, that relevant
procedures indicated in the legislation of Turkmenistan, regulations of
International University for the Humanities and Development will be applied with
respect to me.

________________________________ _________________
Student’s name and signature Date