DUSHANBE, October 27, 2008, Asia-Plus — Over the first nine months of this year, deposit portfolio of the Khujand-based open joint-stock company (OJSC), Eskhata Bank, has nearly doubled to 57.755 million somoni (equivalent to more than US$17 million), according to Eskhata Bank’s press service.
Eskhata Bank’s loan portfolio rose 131 percent in the year to October 1, 2008, reaching 157 million somoni. As October 1, 2007, the bank’s loan portfolio had amounted to 67 million somoni.
As it had been reported earlier, Eskhata Bank introduced a new type deposit this year for its customers – deposit in different currencies. This type of deposits is similar to the multi-currency deposit, which has been successfully introduced in other countries, including the Russian Federation.
The multi-currency deposit account enables customer to manage different currencies in one account.
The deposit in several currencies is very profitable, especially in case of sharp fluctuations on the currency markets. Annual interest on this deposit is 18 to 22 percent depending on the currency.
Established in November 1993, a privately owned Eskhata Bank, with headquarters in Khujand, has eight branches in various regions of the country. The bank got operating license in 1994. In December 2005, European Bank for Reconstruction and Development (EBRD) took equity in Eskhata Bank that allowed Eskhata to continue to comply with the National Bank of Tajikistan’s minimum capital requirements, which have been revised upwards to $5 million.
