DUSHANBE, August 30, 2010, Asia-Plus  -- Open joint-stock company (OJSC) Agroinvestbonk, which is one of Tajikistan’s largest commercial banks, has signed a tripartite agreement on placement of temporarily surplus funds raised from the sale of shares in OJSC NBO Roghun.

A source at Agroinvestbonk says the bank signed the agreement on placement of 118.2 million somoni on August 27 though the Ministry of Finance did not accept Agroinvestbonk’s suggestions.

We will recall that the Agroinvestbonk head Farrukh Taghoymurodov told Asia-Plus on August 19 that the agreement provides for monthly payment of interest, while the bank offers quarterly or semi-annual payment of interest.  He added that interest rate on this deposit account would be floating.  The interest rate includes refinancing rate plus one percent, today it is 8%+1%=9%,” said Taghoymurodov, “If the refinancing rate rises our interest rate will rise as well.”

According to Agroinvestbonk, Roghun’s funds will serve to support Agroinvestbonk’s liquidity and will be used mostly for crediting and currency transactions.  These funds will be provided in loans for one year at 24 percent annual interest.

We will recall that five commercial banks have been selected for placement of Roghun’s temporarily surplus funds -- Agroinvestbonk, Tojik Sodirot Bonk (TSB), Bonki Rushdi Tojikiston (Tajikistan Development Bank or TDB), Tajprombank, and Fononbank.  118.2 million somoni are placed at Agroinvestbonk, 20.3 million somoni at TSB, 2.8 million somoni at TDB, 11.1 million somoni at Tajprombank, and 5 million somoni at Fononbank.

The sale of Roghun shares to the public and donations made by individuals and businesspeople has earned the government 819,249,400 somoni (equivalent to more than 185 million U.S. dollars) by June 10, 2010.  To raise funds to complete construction of the Roghun HPP the government started to sell shares in Roghun to people on January 6 this year.  Tajikistan has reportedly issued 6 billion somoni (US$1.37 billion) worth of Roghun shares.

Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and 61 other branches across the country.