Report: Tajikistan's Government Squeezing Remittances
When it comes to finding ways of squeezing money out of people, Tajikistan’s government is second to none in the innovation stakes.
Russian business daily Kommersant reported on February 16 that a plan is in the works for the National Bank of Tajikistan to create a single clearing house for all the remittances being sent home by migrant laborers.
Tajikistan is a major market in the cash-transferring business in Russia and represents the second-largest destination for money wired overseas, according to Kommersant.
The proposal being enacted by the National Bank will require all transfers to go through its system, which will accordingly earn healthy commissions.
The details are hazy so far, but Kommersant’s unnamed sources in the financial sector say that proponents of the new arrangement are toying with the idea of imposing a 1 percent commission on all transfers.
Market leaders at the moment charge between 0.3 percent and 0.6 percent.
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