Open Joint-Stock Company (OJSC) Tojik Sodirot Bonk (TSB), which is Tajikistan’s second largest commercial bank, has reportedly doubles the amounts paid out to its customers
The TSB press center says that each customer is now able to receive 200.00 somoni per day instead of the previous 100.00 somoni.
The customers reportedly also have an opportunity to carry out non-cash payment transactions for up to 200.00 somoni through the bank’s POS-terminals. TSB plans to install more than 500 POS-terminals in shopping centers within the next few days.
Recall, the bank began re-drawing up deposit agreements on January 3, 2017.
The bank is paying out savings in accordance with the approved schedule and customers are able to receive a certain amount of their savings in parts every month.
TSB’s cash dispensers ran dry in March last year and customers were signing up to waiting lists in their thousands to withdraw whatever money they could.
On March 14, 2016, TSB issued a statement that attributed interruptions in its services to a switchover in its money-processing system.
The National Bank of Tajikistan 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.
Tojiddin Pirzoda was reinstated on December 13. He was reportedly given a month to draw a plan on improving the financial situation in TSB.
On December 21, Tajikistan’s lower house (Majlisi Namoyandagon) of parliament seconded the government’s decision to issue debt securities for capitalization of four distressed commercial banks.
Presenting the government’s decision to lawmakers, Finance Minister Abdusalom Qurboniyon, in particular, noted that “the government provides 3.85 billion somoni in securities for realization to four commercial banks of the country – Agroinvestbonk, Tojik Sodirot Bonk (TSB), Tajprombank (Tajik Joint-Stock Commercial Industrial Bank for Reconstruction and Development), and Fononbank,” the minister said.
The debt securities are given to the banks on the security of their movables and real estate, Qurboniyon said, adding that supervisory boards will be appointed for the mentioned commercial banks.
TSB has reportedly received debt securities for a total amount of 2.25 billion somoni, Agroinvestbonk – 1.7 billion somoni, Tajprombank – 450 million somoni, and Fononbank – 80 million somoni.
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 43 branches covering all regions of the country.
