DUSHANBE, October 5, 2015, Asia-Plus - By the National Bank of Tajikistan (NBT) order an interim administration has been introduced at Closed Jin-Stock Company (CJSC) Fononbank.

According to Tajik central bank, the interim administration has been introduced at Fononbank for the purpose of improvement of the financial situation of that commercial bank and protection of interests of its depositors and creditors.

The interim administration has reportedly been introduced for the period of three months and the interim administration members include skilled specialists of the NBT.

Fononbank was established in the early 1990s as the Tajik branch of the Fonon Bank of the former Soviet Union.  Later this branch was reorganized into commercial bank Fonon that had worked till 2000.  In 2000, the bank was reorganized into non-banking credit organization Fonon with authorized capital stock of 100,000 US dollars.  In May 2007, as complying with the National Bank of Tajikistan’s minimum capital requirements, which was revised upwards to US$5 million, the non-banking credit organization Fonon was reorganized into a closed joint-stock commercial bank Fononbank.

Headquartered in Dushanbe, Fononbank has fourteen branches across the country.  The bank is licensed to offer all types of banking transactions.