DUSHANBE, May 10, 2016, Asia-Plus – The financial situation of Tojik Sodirot Bonk (TSB) and ways of improvement of TSB’s activities have been discussed at the European Bank for Reconstruction and Development (EBRD)’s Headquarters in London.
The discussion members reportedly included Tajik Minister of Finance Abdusalom Qurboniyon, First Deputy Head of the National Bank of Tajikistan (NBT) Jamoliddin Nouraliyev, representatives of the EBRD, the World Bank, the International Monetary Fund, Ernst & Young (multinational professional services firm), Grant Thornton (one of the world”s largest professional services network of independent accounting and consulting member firms), and a delegation of TSB led by its head, Tojiddin Pirzoda
According to the TSB press center, the meeting participants underlined the necessity of supporting TSB for the purpose of preserving population’s confidence in the country’s banking system under the conditions of external factors’ impact on the country’s economy.
The also pointed to the necessity of stabilizing the bank’s financial situation in a short space of time by means of making additional investments in the bank so that it could fulfill its obligations.
TSB top manager Tojiddin Pirzoda presented the plan of actions on improvement of the bank’s activities and the plan was reportedly approved by the meeting participants.
It was noted that the issue of the EBRD’s becoming shareholder in TSB would be discussed at the upcoming annual meeting of the EBRD that will take place in London on May 11 this year.
We will recall that panic was spreading among customers at TSB in March. Customers were signing up to waiting lists in their thousands to withdraw whatever money they could.
The National Bank of Tajikistan (NBT) announced in March it was in talks with the European Bank for Reconstruction and Development (EBRD) over the state of the banking system. Particular attention was devoted to the role of banks deemed crucial to Tajikistan’s economy, including TSB.
On March 14, TSB issued a statement that attributed interruptions in its services to a switchover in its money-processing system. “Short-term disruptions in the functioning of bank cards are possible. We apologize for the inconvenience,” the statement said.
TSB was established in December 1990 as the Tajik branch of the Vnesh Econom Bank of the former Soviet Union, and it initially specialized in trade and import-export banking. Later this branch was reorganized into a Joint-Stock Commercial Bank “Tajikvnesheconombank”. In June 1999 the bank was renamed and registered as Tojik Sodirot Bonk or TSB.
Headquartered in Dushanbe, TSB has 12 branches in the main cities of Tajikistan and covering all regions of the country.
