DUSHANBE, November 30, 2011, Asia-Plus  -- On Wednesday November 30, Tajikistan’s lower house (Majlisi Namoyandagon) of parliament approved amendments proposed to the law on banking activity.

The amendments reportedly limit Tajik central bank’s interference in management of local banks and credit organizations.

Speaking at the meeting, Sharif Rahimzoda, the head of the National Bank of Tajikistan (NBT), noted that after adoption of the amendments the compulsory work experience with banking sector for contenders for the position of bank branch chairperson would be reduced from five to three years.

Besides, credit organizations are now not obliged to submit notarized copies of all documents while reporting to the National Bank of Tajikistan.

“The amendments also specify duties and rights of banks’ supervisory boards,” said the NBT head.  “Each of supervisory boards will audit activity of its bank.”

15 banks and 120 credit organizations now operate in Tajikistan.  As compared to last year, total assets of Tajik banks and credit organizations have risen 33 percent.  Bank deposits of physical and legal entities reportedly rose 40 percent in a year to October 1, 2011, reaching 4.1 billion somoni.  Over the first nine months of this year, Tajik banks have provided 4.9 billion somoni in loan, which is 38 percent more than in the same period last year.