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Bank in the Republic of Tajikistan is commercial organization, created for attraction of deposits and other means with the aim of applying for crediting on term of repayment, paying, urgency, and also for implementing calculations by the errand of clients.
Bank is a juridical person and conformity and it is responsible for all rules regarding juridical person provided in the legislation of the Republic of Tajikistan.
It is provided by the Law of the Republic of Tajikistan.
According to the legislation of the Republic of Tajikistan there can be created the following types of bank in Tajikistan:
- state bank –the bank which the Government of the Republic of Tajikistan is the sole owner of statutory fund:
- in-state bank – the bank , which statutory fund is subject to physical or juridical person. Part of the share of this bank are subject to the Government of the Republic of Tajikistan in the Ministry of Finance of the Republic of Tajikistan:
- bank with participation of foreign capital is the bank which part of the share is subject to ownership, property and management of the following persons:
1) non resident of the Republic of Tajikistan;
2) juridical person-residents of the Republic of Tajikistan, more than 50 percent of the share
(participants deposit) is subject to ownership, property and management of non resident of the Republic
of Tajikistan or analogous juridical person – residents of the Republic of Tajikistan;
3) residents of the Republic of Tajikistan, who are the manager of the means (confidential person)
of non residents of the Republic of Tajikistan or juridical person indicated in sub-point “b” of the point;
inter-state bank – the bank created in order, established by the law in force on the base of international agreement, owner of the fund which is the Government of the Republic of Tajikistan and government, state signed the agreement.
Bank (with the exception of state banks) are created in the form of closed joint-stock company without right of issue of share to bearer.
Bank transformation into opened joint-stock company is allowed under term of its continues without loss of functioning during a year from the moment of receiving licence of National Bank of the Republic of Tajikistan for implementing banking operation and maintenance during the year established by the National Bank of the Republic of Tajikistan or other obligatory norms and limits.
Bank shareholder who is its founder, after its transformation into opened joint-stock company can’t have any additional advantages or take any additional responsibilities in compare with the other shareholders.
According to the Paragraph 1 of Chapter I of the Instructions No. 132 “On order of regulation of the activities of banks” from January 1, 2005 the minimum capital for operating banks is determined in the amount equivalent to USD 5 million (or 16 500 000 Somoni on the date of this amount was set) and for credit societies USD 300 000 (or 990 000 somoni on the date of this amount set).
Major normative-legal acts are following:
- Law of the RT "On bank and banking activities" dated 1998.
- Instruction of National bank of RT No. 132 "On order of regulating banks activity" dated 29 october 2004.
- Decision of the Government of RT No. 248 "On fixing of volume (quotas) of participation of foreign capital in banking system of RT" dated 11 June 2001.
National Bank of the Republic of Tajikistan
Open Joint Stock Company AGROINVESTBANK
Open Joint Stock Company ORIENBANK
Open Joint Stock Company TOJIKSODIROTBONK