DUSHANBE, June 29, Asia-Plus — Since the beginning of this year, five of six non-bank-financial organizations in Tajikistan have been transformed into microlending organizations for failing to meet some requirements of the National Bank of Tajikistan (NBT).
Mr. Turakhon Haqnazarov, the head of the bank supervision and licensing department of the NBT, has told Asia-Plus that Tajik central bank compelled the non-bank financial organizations “Barhaq”, “Madadgori Mastchoh”, “Omad”, “Kishovarz” and “Umedi Yovon” to restructure their activities and be reorganized into microlending organizations.
“Thus, at present only one non-bank financial organization having the right of carrying out separate bank transactions, except accepting deposits, remains in the republic – “CreditInvest,” Mr. Haqnazarov said.
“Due to transforming these five non-bank financial organizations into microlending organizations a number of the microlending organizations in the republic has reached 13,” said the Asia-Plus interlocutor, “At present there are 27 microlending funds and one microlending deposit organization (Credit-Express) in Tajikistan.” .
Mr. Haqnazarov also noted that number of banks in Tajikistan had reduced from 10 to 9 since May this year. “Closed joint-stock company (CJSC) “KafolatBonk” has been reorganized into the “Credit Society “Kafolat,” Haqnazarov said, noting that five other banks in the country are at the stage of liquidation for failing to meet certain requirements of the NBT – “Ayom”, “SomonBonk”, Central Asian Bank, East-Credit Bank and bank Olymp.
Under the NBT instruction as of January 1, 2006, a minimal regulative capital for banks has been determined at US$5 million and for credit societies at US$300,000. As of April 1, 2006, only seven banks of nine in Tajikistan – AgroInvestBonk, AmonatBonk, OryonBonk, TojikSodirotBonk, Bank Eskhata, TajPromBank, First Microfiannce Bank, and the Branch of Iranian bank “Tejarat” – have managed to fulfill this requirement. SohibkorBonk and STB-InvestBank have failed to meet this requirement.
