DUSHANBE, October 31, Asia-Plus — Tajikistan’s banking system is more transparent and efficient than banking systems of some neighboring countries, Mahmadamin Mahmadaminov, chairman of the board of AmonatBonk (Tajik savings bank), said in an interview with Asia-Plus.
According to him, “the financial-credit sector, which is characterized by good basic indices of the banking system and monetary market, promotes further economic growth in the country.” “Relative growth in production of goods, stable inflation level and sustainable interest rates on the monetary market are to be observed,” Mahmadaminov said.
In the meantime, known Tajik economist, Professor Hojimuhammad Umarov considers that despite outward appearances of financial stability in the country, a too tough monetary policy is destructive for fragile transition economy, and therefore, “it cannot prove its value in Tajikistan.”
“Firstly, Tajik banks are currently capable to meet not more than 10 percent of requirements of the country’s economy in borrowings, and since they do not have enough funds they have to mainly use funds provided by the National Bank of Tajikistan but not attracted deposits of the population or private sector,” the economist said.
“Besides, high loan interest rates set by banks do not allow providing efficient functioning of enterprises and organizations,” said Umarov, “Moreover, population’s trust in banks has not yet been restored in the country.”
At present nine banks operate in Tajikistan: AgroInvestBonk, OryonBonk, SohibkorBonk, Bank Eskhata, AmonatBonk (Tajik savings bank), TojikSodirotBonk (TSB), Tajikistan Development Bank (TDB), TajPromBank and The First Microfinance Bank of Tajikistan (FMFB-T). Additionally, a branch of Iran’s Tejarat Bank and an office of Kazakhstan’s TuranAlemBank also function in the country. Besides, eight loan societies, one non-bank financial organization, seven microloan deposit organizations, 24 microloan organizations, 38 microloan funds now operate in Tajikistan. Six other loan organizations are in the stage of liquidation.
According to Tajik central bank, since the beginning of the year, total assets of Tajik financial loan institutions (banks. loan organizations and other non-bank financial organizations) have risen 67.6 percent, having reached 4.0115 billion somonis by September 1, 2007. A total balance capital of these organizations rose 50.7 percent in the year to September 1, 2007, reaching 572.7 million somonis.
