Tajikistan: Failing Bank Embarks on Fire Sale
One of Tajikistan’s near-insolvent banks has embarked on a desperate fire sale as it tries to scrabble back some much-needed funds to reimburse its long-suffering depositors.
Among the items for sale listed on the Agroinvestbank website on November 25 are cars, trucks, computers, cash registers, bank-note counters, modems, printers and even ATM machines. The cars for sale include a 2016 series Mercedes-Benz S-Class S500, a costly model bought the very same year in which the bank was going down the tubes.
All the items on sale are sourced from Agroinvestbank offices that have been closed as part of the cost-cutting drive required under the terms of a government bailout announced in late 2016. A spokesman for the bank told EurasiaNet.org that the money raised will go toward reimbursing deposit-holders currently unable to access their funds.
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