Assets of two Tajik distressed banks – Tajprombank and Fononbank – will go under the hummer. Auctions will be held on Fridays and all comers can participate in the auctions.
Assets of Tajprombank and Fononbank have been put on auction and all comers can participate in the auctions that will be held on Fridays, an official source at the National Bank of Tajikistan (NBT) told Asia-Plus in an interview.
Tajprombank and Fononbank have been experiencing liquidity issues since 2015. In December, the National Bank announced it was refinancing Tajprombank to the tune of 450 million somoni ($56 million), while Fononbank got a relatively meager 80 million somoni ($10 million). Larger banks like Tojik Sodirot Bonk (TSB) and Agroinvestbonk, which have also been experiencing serious liquidity issues, were topped up by 2.25 billion somoni ($284 million) and 1.7 billion somoni ($215 million), respectively.
Meanwhile, Tajik central bank announced on February 24 it was pulling the licenses of Tajprombank and Fononbank.
Customers at those banks have been paid out 17,500 somoni (around $2,000) out of the state’s Individuals Deposits Insurance Fund. Anybody with more than that amount of money in the bank is still waiting to see how much they will get in the end.
In April, it emerged that the government decided unilaterally to allocate the $66 million it had set aside as bailout funds for Tajprombank and Fononbank to construction work on the Roghun hydroelectric power plant (HPP).
Assets on Tajprombank’s books include dozens of offices and an unspecified number of residential properties.
Fononbank hold 37 items, including a main office, four branch offices and multiple residential properties.
