DUSHANBE, February 21, 2012, Asia-Plus  - On Tuesday February 21, the Majlisi Namoyandagon (Tajikistan’s lower chamber of parliament) Committee on Finance and Budget hosted parliamentary hearings on a draft law on credit unions.

This law was authored by a group of MPs and was submitted for consideration to the lower house’s committees and commissions at the end of last year.

MPs as well as senior representatives from the National Bank of Tajikistan (NBT), the Ministry of Finance (MoF), credit organizations and insurance companies attended the meeting.  

MP Ismoil Talbakov, who is one of the authors of the law, says the law is dedicated to attract public funds placed in bank deposit accounts for development of the country’s economy.

“Over the last decade, public funds placed in bank deposit accounts have increased nearly 32 times and as of December 31, 2011, they amounted to 3.7 billion somoni,” Talbakov said.

According to him, public deposits accounted for nearly 50 percent of the overall amount of deposits kept at local banks and the offered draft law is dedicated to protect them.