One more microfinance institution has been liquidated in Tajikistan. By decision issued by the National Bank of Tajikistan (NBT) Board the license of LLC Micro-Deposit Organization Imdodi Rushd was revoked on November 12.
A statement released by Tajik central bank, in particular, says LLC Micro-Deposit Organization Imdodi Rushd is liquidated for delaying obligations.
The process of liquidation of this micro-deposit organization is carried out in accordance with the country’s legislation, the statement says.
In a statement delivered at a meeting with representatives of the country’s financial sector, President Emomali Rahmon revealed on May 10 that the number of lending agencies has reduced nearly two times over the past four years because of crisis in the banking system.
The number of lending agencies reduced from 137 in 2014 to 79 in 2018, the president stressed.
According to him, microfinance organizations have been hit the worst by the crisis. The number of microfinance organizations reduced from 125 in 2012 to 62 in 2018, Rahmon noted.
According to data from the National Bank of Tajikistan, 75 lending organizations, including 17 banks, 22 micro-deposit organizations, six microlending organizations and 30 microlending funds, now function in Tajikistan.
54 lending agencies are reportedly at the stage of liquidation; 24 of them are liquidated forcibly.
