DUSHANBE, June 28, Asia-Plus — Tajik-Cypriot JV, The Central Asian Bank (CAB), has been self-liquidated following a ruling issued by the Board of the National Bank of Tajikistan (NBT) on June 19, 2007, Asia-Plus has learned from the source at Tajik central bank.  

According to the source, CAB has been at the stage of liquidation since 2004 already and the liquidation commission worked at the bank till lately. 

“The liquidation of bank is quite a labor-consuming process and during the liquidation period, a bank should fulfill its obligations on paying money to its customers,” said the source, “And only after that, the central bank’s board issues ruling on self-liquidation of bank.”  

The source added that banks are liquidated for failing to comply with the National Bank of Tajikistan’s requirements, in particular minimum capital requirements, which have been revised upwards to $5 million.   

According to Tajik central bank, four other banks in Tajikistan, including SomonBonk, East-Credit-Bank, Ayom Bank, and Olimp Bank – are at the stage of liquidation.  Their banking licenses were revoked last year already.     

At present nine banks operate in Tajikistan: AgroInvestBonk, OryonBonk, SohibkorBonk, Bank Eskhata, AmonatBonk (Tajik savings bank), TojikSodirotBonk (TSB), Tajikistan Development Bank (TDB), TajPromBank and The First Microfinance Bank of Tajikistan (FMFB-T).  Additionally, a branch of Iran’s Tejarat Bank and an office of Kazakhstan’s TuranAlemBank also function in the country.