DUSHANBE, January 26, Asia-Plus -- The National bank of Tajikistan (NBT) recommends the country’s large commercial banks to increase their capitals.

Tajik central bank head Murodali Alimardonov remarked this at a news conference in Dushanbe on January 25. 

According to him, the NBT recommends two large commercial banks OryonBonk and AgroInvestBonk to raise their capitals up to 150 million somonis (equivalent to some $44.2 million).  “Mediums-sized banks ought to increase their capitals up to 80 million somonis (more than $23.5 million) and the remaining banks should be wiped out or become part of large banks,” Alimardonov said.  

At present the minimum capital of bank in Tajikistan should be $5 million and these central bank’s minimum capital requirements will remain unchanged this year as well.   

According to the NBT head, many foreign banks want to open their branches in Tajikistan.  “Therefore we should strengthen our banks and only after that let foreign banks get into the market,” he said.   

At present a branch of Iran’s Tejerat Bank and representative offices of Kazakhstan’s TuranAlemBank and Kazkommetzbank function in Tajikistan. 

In all, Tajikistan’s banking system includes nine commercial banks, one bank with foreign investments, nine credit societies, one non-bank financial organizations and some 55 other credit organizations.  

Last year, 1,636,500 people used services offered by these organizations, which is 597,600 people more than in 2005.  Compared to 2005 a total volume of deposits of the populations in Tajik banks last year doubled and amounted to 1.108 billion somonis as of January 1, 2007.