Tojiddin Pirzoda has headed Open Joint-Stock Company (OJSC) Tojik Sodirot Bonk (TSB) again and a temporary crisis administration will complete its work within the next few days.

Recall, TSB’s cash dispensers ran dry in March and customers were signing up to waiting lists in their thousands to withdraw whatever money they could.  

On March 14, TSB issued a statement that attributed interruptions in its services to a switchover in its money-processing system.  “Short-term disruptions in the functioning of bank cards are possible. We apologize for the inconvenience,” the statement said.

The National Bank of Tajikistan announced in March that it was in talks with the European Bank for Reconstruction and Development (EBRD) over the state of the banking system.  Particular attention was reportedly devoted to the role of banks deemed crucial to Tajikistan’s economy, including TSB.

bne Intellinews reported in May that TSB had discussed a possible cash injection with officials from the European Bank for Reconstruction and Development in exchange for a 50 percent equity stake.  Officials from the EBRD and the National Bank lager met in London, where they discussed the appointment of a temporary administration for TSB. 

Tajik central bank sidelined chairman and part-owner of the bank, Tojiddin Pirzoda, and six of his deputies from the bank in mid-May and installed a temporary crisis administration.

Meanwhile, according to some sources, 2 billion somoni has been allocated for recovery of Tojik Sodirot Bonk and 80 percent of the shares in the bank have gone over to the government.

Tojiddin Pirzoda reportedly returned to the bank on December 12 and the main goal of the new administration is to repay debts to the customers.

Tojik Sodirot Bonk was Tajikistan's second-largest commercial bank.  It was established in December 1990 as the Tajik branch of the Vnesh Econom Bank of the former Soviet Union, and it initially specialized in trade and import-export banking.  Later this branch was reorganized into a Joint-Stock Commercial Bank “Tajikvnesheconombank”.  In June 1999 the bank was renamed and registered as Tojiksodirotbonk or TSB.

Headquartered in Dushanbe, TSB has 11 branches in the main cities of Tajikistan and covering all regions of the country.