The National Bank of Tajikistan (NBT) has denied the report about setting up a working group (WG) for improvement of financial situation of local distressed commercial banks as absolutely “unfounded.”
In a statement released on December 27, Tajik central bank notes that information about the establishment of a working group for improvement of financial situation of banks does not correspond to the facts.
“The National Bank of Tajikistan, which is a competent body regulating activities of credit organizations, would have been informed about the establishment of such a working group,” the statement says.
It is about the report released by Radio Liberty’s Tajik Service on December 26 and reproduced by a number of media outlets, including Asia-Plus.
Citing a source in Tajikistan’s banking system, RFE/RL’s Tajik Service reported on December 26 that the Government of Tajikistan has set up a working group for improvement of financial situation of local commercial banks.
The chairman of the Majlisi Namoyandagon (Tajikistan’s lower house of parliament) Committee on Finance and Economics, Sharif Rahimzoda, has reportedly been appointed to head this group.
According to the source, the working group will focus on bringing two distressed banks – Agroinvestbonk and Tojik Sodirot Bonk (TSB) – out of crisis.
“Narrow means of the budget do not allow allocating additional funds for solution of the problem. One of the possible options offered by the government is tax debt relief. Thereby it is possible to resolve the problem partially,” the source said.
He further added that the government is now the main stakeholder in both banks.
Recall, four local commercial banks, including Agroinvestbonk and TSB, have been experiencing liquidity issues since 2015. Parliament in December 2016 approved a government decree to issue bonds to recapitalize the mentioned banks.
TSB and Agroinvestbonk were topped up by 2.25 billion somoni (US$284 million) and 1.7 billion somoni (US$215 million) respectively.
