DUSHANBE, December 18, Asia-Plus — The National Bank of Tajikistan (NBT) intends to triple minimum capital requirements for local banks starting on January 1, 2008, Touraqul Haqnazarov, the head of the NBT bank supervision and licensing department said in an interview with Asia-Plus.
The NBT official said that the minimum capital requirements have been revised in connection with the necessity of attracting more investments in the country’s banking sector. “It is hard for banks to carry out long-term crediting and reduce loan interest rates without proper volume of capital,” Haqnazarov.
Increase in the minimum capital requirements is also needed to strengthen capital stocks of banks to ensure more sustainable functioning of them as well as gain depositors’ confidence, he said.
The central bank official noted that the minimum regulative capital requirements would also be increased from $5 million to $15 million.
Haqnazarov also said that practically all banks functioning in Tajikistan have to date complied with the National Bank of Tajikistan’s minimum regulative capital requirements.
At present nine banks operate in Tajikistan: Agroinvestbonk, Orienbonk, SohibkorBonk, Bank Eskhata, Amonatbonk (Tajik savings bank), Tojiksodirotbonk, Tajikistan Development Bank (TDB), TajPromBank and The First MicrofFnance Bank of Tajikistan. Additionally, a branch of Iran’s Tejarat Bank also functions in the country. Besides, Kazkomerzbank-Tajikistan, an affiliate of Kazakhstan’s Kazkomerzbank, was registered with Tajik Ministry of Justice last month.
According to Tajik central bank, as of October 1, 2007,a total capital of Tajik banks has amounted to 594 million somonis (equivalent to $171.5 million), which is 1.7 time more than last year, when as of October 1, 206, the total capital had amounted to 347 million somonis (equivalent to $100.3 million).
