DUSHANBE, October 9, 2012, Asia-Plus — More Roghun’s temporarily surplus funds have been deposited at Tojik Sodirot Bonk (TSB).
According to the Ministry of Finance (MoF), 60 million somoni have been placed at TSB. “Under a trilateral agreement between a MoF, TSB and OJSC NBO Roghun, 30 million somoni have been deposited at the bank and the remaining 30 million somoni have been provided to the bank in a form of loan,” the source said.
Interest rate on this deposit account is floating. The interest rate includes refinancing rate plus one percent. The remaining 30 million somoni are provided in a form of loan under the annual interest rate of 10 percent.
A loan agreement was signed on August 1, 2012 for one year.
TSB was established in December 1990 as the Tajik branch of the Vnesh Econom Bank of the former Soviet Union, and it initially specialized in trade and import-export banking. Later this branch was reorganized into a Joint-Stock Commercial Bank “Tajikvnesheconombank”. In June 1999 the bank was renamed and registered as Tojik Sodirot Bonk or TSB.
Headquartered in Dushanbe, TSB has 11 branches in the main cities of Tajikistan and covering all regions of the country.
We will recall that in 2010, Roghun’s temporarily surplus funds (157 million somoni) were deposited in five commercial banks: TSB; Agroinvestbonk; Tajprombank; Fononbank; and Bonki Rushdi Tojikiston (Tajikistan Development Bank or TDB). The money return period expired on August 16, 2011. The repayment period was extended until February 16, 2012.
Another 80 million somoni were placed in 2011 at three banks. 30 million somoni were placed at TSB (repayment period expires on May 27, 2012), 20 million at Tajikistan’s savings bank, Amonatbonk (repayment period expires on June 7, 2012), and 30 million somoni at Agroinvestbonk (repayment period expired on December 31, 2011).
All the banks reportedly repaid Roghun’s money.
To raise funds to complete construction of the Roghun hydroelectric power plant (HPP) the government started to sell shares in Roghun to people on January 6, 2010. Tajikistan has reportedly issued 6 billion somoni (US$1.37 billion) worth of Roghun shares.
The government reportedly assumes the 75% ownership interest (4.5 billion somoni) in NBO Roghun and these funds will gradually go to financing Roghun’s construction.
