KULOB, April 23, 2009, Asia-Plus — Cut in interest rates on bank loans will not affect deposits of population in Agroinvestbonk that have been invested in the cotton sector, the head of Agroinvestbonk’s branch in Kulob Sayfiddin Qadamov said in an interview with Asia-Plus, commenting on concern of some investors over their deposits.
According to him, the concern has been caused by failure to fully understand the essence of the decision to decrease interest rate on the government credit given to farmers through banks from 12 to 10 percent and president’s instruction to banks to decrease interest rate on cotton loans provided to farmers from 18 to 14 percent.
“Deposits that have been invested in the cotton sector as part of loans are secured by bank guarantees, and therefore, there is no any reason for concern,” Qadamov said, noting that the branch invested 3 million somoni of its own funds in the cotton sector last year and depositors would draw interest.
He added that population’s deposits in Agroinvestbonk’s in Kulob rose 11 percent in the year to April 1, 2009, reaching 8.981 million somoni.
