DUSAHNBE, September 1, Asia-Plus — Pakistan’s “Habib Bank” is expected to have opened its branch in Tajikistan.
According to information from the National Bank of Tajikistan (NBT), Habib Bank has not yet got license for operating in Tajikistan, “but the NBT has already sent its consent to the Habib Bank administration.”
Source in the Tajik central bank says that before coming to Tajikistan Habib Bank has studied Tajikistan’s market for several years. “Representatives from Habib Bank are expected to arrive in Tajikistan in near future to hold talks with senior representatives from the Tajik central bank and got license to inaugurate its operations in Tajikistan,” the source said.
According to the source, for getting the license Habib Bank has to pass a number of procedures, acquire building and deposit US$5 million in its authorized capital.
“Any newly opened bank, especially the foreign one, having good experience of work will bring better banking practice into Tajikistan’s banking system and promote competition on financial market of the republic,” the Asia-Plus interlocutor said.
According to information from the NBT, 10 banks have to date operated in Tajikistan: AgroInvestBonk; OryonBonk; SohibkorBonk; Bank Eskhata; Amonatbonk (Tajik savings bank); TojikSodirotBonk; TajPrombank; First Microfinance Bank; branch of Iran’s Tejarat Bank and representative office of Kazakhstan’s TuranAlemBank.
Under the NBT instruction “On Procedure of Regulation of Activity of Banks” a minimal regulative capital for active banks has been determined at US$5 million since January 1 2005.
