KULOB, May 12, 2009, Asia-Plus  -- The branch of Tojik Sodirot Bonk (TSB) in Kulob has been forced to temporarily close its money transfer outlet in the Muminobod district.

The head of TSB’s branch in Kulob Fayzullo Azimov told Asia-Plus today that they have closed the money transfer outlet in Muminobod following a sharp reduction in the volumes of remittances from labor migrants working in the Russian Federation.  “Such problems currently face not only our bank,” Azimov said.

TSB 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 Sodiort Bonk or TSB.

Headquartered in Dushanbe, TSB has some 11 branches in the main cities of Tajikistan and covering all regions of the country. Its clients include the biggest Tajik trading companies, other enterprises, entrepreneurs, and some of the embassies and diplomatic organizations based in Dushanbe.