Roghun’s temporarily surplus funds placed in five Tajik banks

July 26, 2010, Payrav Chorshanbiyev


DUSHANBE July 26, 2010, Asia-Plus -- More than 230 million somoni (equivalent to more than 52.5 million U.S. dollars) of temporarily surplus funds raised from the sale of shares in open joint-stock company (OJSC) NBO Roghun have been placed in five local banks, Sharif Rahimzoda, the chairman of the National Bank of Tajikistan (NBT), announced at a news conference in Dushanbe on July 26.

According to him, Amonatbonk (Tajikistan’s savings bank) and four commercial banks, including Agroinvestbonk, Tajprombank, Fononbank and Tojik Sodirot Bonk (TSB), have offered annual interest rates of 9 to 12 percent that suited the Ministry of Finance (MoF). “The temporarily surplus funds will be transferred to the mentioned banks within this week,” the Tajik central bank head said.

According to the MoF data, a total amount of such funds is now 300 million somoni (equivalent to some 70 million U.S. dollars).

We will recall that the second tender for placement of the temporarily surplus funds raised from the sale of shares in Roghun in local banks for the period of one year took place in Dushanbe on July 23.

The first tender was held on May 28, 2010 and that time, the MoF was going to place the temporarily surplus funds in one of commercial banks until the end of this year. Only three banks participated in the tender that took place on May 28 and an average interest rate offered by them did not exceed 0.6 percent that did not suit the MoF.

The sale of Roghun shares to the public and donations made by individuals and businesspeople has earned the government 819,249,400 somoni (equivalent to more than 185 million U.S. dollars) by June 10, 2010.

To raise funds to complete construction of the Roghun HPP the government started to sell shares in Roghun to people on January 6 this year. Tajikistan has issued 6 billion somoni (US$1.37 billion) worth of Roghun shares.

Speaking to reporters, Rahimzoda noted that NBT had enough foreign currency reserves to convert funds raised from the sale of Roghun shares. “To-date, the central bank has converted funds for 24 million U.S. dollars,” said Rahimzoda, “These funds have been used for purchase of various parts for the facility under construction and another funds for 23 million U.S. dollars will be converted until the end of this year.”