Tojiddin Pirzoda has been given a month to draw a plan on improving the financial situation in Open Joint-Stock Company (OJSC) Tojik Sodirot Bonk (TSB).
According to information posted on Tajik central bank’s website, the Board of the National Bank of Tajikistan (NBT) made a decision to give Pirzoda one month for drawing the mentioned plan on December 13.
Besides, in accordance with Article 61 of Tajikistan’s law on “The National Bank of Tajikistan,” activities of temporary crisis administrations appointed for OJSC TSB and Closed Joint-Stock Company Tajprombank (Tajik Joint-Stock Commercial Industrial Bank for Reconstruction and Development) concluded on December 13.
The NBT has given heads of both commercial banks a monthly period to draw a plan to improve the financial situation in their banks.
Recall, TSB’s former chairman and part owner, Tojiddin Pirzoda, was reinstated on December 13.
TSB, which is Tajikistan’s second largest lender, told some account-holders on Monday that it will soon be in a position to pay out savings.
TSB’s cash dispensers ran dry in March and customers were signing up to waiting lists in their thousands to withdraw whatever money they could.
On March 14, TSB issued a statement that attributed interruptions in its services to a switchover in its money-processing system. “Short-term disruptions in the functioning of bank cards are possible. We apologize for the inconvenience,” the statement said.
The National Bank of Tajikistan announced in March that it was in talks with the European Bank for Reconstruction and Development (EBRD) over the state of the banking system. Particular attention was reportedly devoted to the role of banks deemed crucial to Tajikistan’s economy, including TSB.
bne Intellinews reported in May that TSB had discussed a possible cash injection with officials from the European Bank for Reconstruction and Development in exchange for a 50 percent equity stake. Officials from the EBRD and the National Bank lager met in London, where they discussed the appointment of a temporary administration for TSB.
Tajik central bank sidelined chairman and part-owner of the bank, Tojiddin Pirzoda, and six of his deputies from the bank in mid-May and installed a temporary crisis administration.
Meanwhile, according to some sources, 2 billion somoni has been allocated for recovery of Tojik Sodirot Bonk and the government now owns an 80 percent stake in the bank.
It has not been possible at this time to clarify from where and on which conditions the funds to ‘save’ this credit organization have been drawn.
Radio Liberty’s Tajik Service, locally known as Radio Ozodi, cited Pirzoda as saying the money came in the form of a rescue package from the government. It is this money that will be passed on to account-holders, he said.
Tojik Sodirot Bonk 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.
