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Tajikistan: Bank Liquidations Show More Weakness in Financial System

Tajikistan’s central bank last late week announced it was pulling the licenses of two of its troubled banks and is now trying to work out how to compensate account-holders.

That decision, publicized on February 24, comes only weeks after the National Bank committed to spending tens of millions of dollars on refinancing the lenders in question — Tojprombank and Fononbank.

Asia-Plus news website has cited National Bank representatives as saying that customers of the banks should not be concerned as they will get at least some of their savings back.

The law provides insurance of up to 17,500 somoni ($2,000) per depositor and that is, in theory, to be paid within two weeks of the announcement of the license withdrawal.

“Once the courts appoint administrators at these banks, the savings of those customers holding more than 17,500 somoni will also be reimbursed,” Asia-Plus cited the National Bank as stating.

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Tajikistan: Bank Liquidations Show More Weakness in Financial System

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