DUSHANBE, October 21, 2010, Asia-Plus  -- The National Bank of Tajikistan is initiating amendments to the country’s legislation prohibiting foreign banks from opening their branches in Tajikistan, the NBT head Sharif Rahimzoda announced at a news conference in Dushanbe on October 21.

According to him, foreign banks will be allowed to open only their affiliates in Tajikistan.

“Appropriate amendments to the banking legislation will be prepared until the end of the year,” Rahimzoda said, noting that it is much easier to work with subsidiaries than with branches.

He noted that a number of banks from the United Arab Emirates and Pakistan had already applied to Tajik central bank over opening of their affiliates in Tajikistan.