Open Joint-Stock Company (OJSK) The Kommertzbank of Tajikistan has established partnership with banks of neighboring Uzbekistan.
On November 19, The Kommertzbank of Tajikistan (Kommertzbank) received confirmation of opening the Nostro correspond account at Uzbekistan’s private commercial bank, Orient Finans Bank.
Nostro account refers to an account that a bank holds in a foreign currency in another bank. Nostros, a term derived from the Latin word for "ours," are frequently used to facilitate foreign exchange and trade transactions.
According to the Kommertzbank press center, the bank is establishing cooperation with lending agencies of the neighboring country within the frameworks of a government-to-government agreement between Tajikistan and Uzbekistan on strategic partnership. Kommertzbank reportedly considers this cooperation as one of key directions of its activities.
An agreement on establishing correspondent relations with Orient Finans Bank provides for the possibility of carrying out direct money transfer transactions, says the Kommertzbank press center.
Headquartered in Dushanbe, The Kommertzbank of Tajikistan was established in October last year. Over the past year, with opening of new branches and banking service centers across the country the number of the bank employees has reportedly risen 60 percent. Women constitute some 40 percent of the total number of employees of The Kommertzbank of Tajikistan.
The bank reportedly provides practically a full range of banking services through its nationwide network, which covers many cities and districts of Tajikistan.
