DUSHANBE, August 18, 2016, Asia-Plus -- The National Bank of Tajikistan (NBT) has extended the terms of powers of a caretaker administration introduced in the Open Joint-Stock Company (OJSC) Tojik Sodirot Bonk (TSB.  

In a statement released on August 18, the NBT notes that the terms of powers of the care administration have been extended for another three months.  

“The decision to extend the terms of powers of the caretaker administration has been made for the purpose of providing full-fledged operation of the bank,” the NBT noted.

Recall that Tajik central bank sidelined TSB president and six of his deputies from the bank and installed a temporary crisis administration on May 18, 2016.  The crisis administration was introduced in TSB for the period of three months.   

Simultaneously with this, representatives of the temporary crisis administration were appointed in five regional branches of the bank in Qurghon Teppa (Khatlon), Kulob (Khatlon), Khorog (Gorno-Badakhshan Autonomous Region), Rasht (district subordinate to the center), and Khujand (Sughd).   

Over the past three months, the temporary crisis administration has reportedly carried out considerable work on recovering the bank activities.   

As a result, a total of 56.1 million somoni of loans have been reimbursed and deposit term extension agreements totaling 133.4 million somoni have been concluded with 909 customers, according to the statement.

The statement also notes that the National Bank of Tajikistan is continuing negotiations with the European Bank for Reconstruction and Development (EBRD) and the World Bank (WB) on developing a complex TSN support program.    

As it has been reported earlier, TSB president Pirzoda noted in May that that his bank was in talks over a cash injection from the EBRD to be exchanged for a 50 percent equity stake.

TSB, which is Tajikistan’s second largest lender, 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 12 branches in the main cities of Tajikistan and covering all regions of the country.