DUSHANBE, 04.07.2020. (NIAT Khovar) – Khovar’s correspondent Sofiya Shoik interviewed the First Deputy Chairman of the Management Board of Spitamen Bank Umedjon Hikmatov about the next reduction in interest rates on loans, bank achievements and measures to improve public access to banking services during a pandemic.

Shoik: In these difficult days, due to the spread of coronavirus, obtaining bank loans is considered one of the most important issues for the population. Is it so?

Hikmatov: Indeed, access to credit resources remains an urgent topic. As a socially responsible bank, Spitamen Bank strives to contribute to improving the welfare of its customers, especially in unusual situations. To this end, since the beginning of 2020, our bank has reduced interest rates on loans.

How much has it been reduced this time?

The maximum reduction in interest on all types of loans in national currency is about 6% per annum. The new minimum rate is 14% per annum in USD and 20% in national currency.

While some banks temporarily refrain from providing loans, you not only continue to issue loans, but also declare credit shares at affordable interest?

We are sure that the main task of any commercial bank is not only to generate income, but also to contribute to the improvement and development of society, especially in difficult conditions for the majority of the population. In this regard, the bank has decided to lower its interest rates when customers most need it. The bank’s management is confident that the current promotion contributes to solidifying customer confidence and will yield positive results in the future.

Recently the international rating agency MicroFinanza Rating (MFR) confirmed the rating of Spitamen Bank at the level of BBB- with a stable outlook. Could you tell us more about this?

The BBB- rating with a stable outlook indicates the stability, reliability and stable financial position of the bank. But, in connection with the latest events related to the crisis around the pandemic, the MFR agency has re-analyzed the new financial data of the bank. Fortunately, thanks to the right risk management strategy, the timely development of programs to provide credit benefits to customers, and the efficiency of specialists, the bank was able to improve the quality of its assets and confirm its rating.

What benefits does the bank provide to those customers who have suffered from COVID-19?

Spitamen Bank was one of the first, since the pandemic, to offer COVID-19-affected customers privileges and credit holidays for up to six months, which once again strengthened Spitamen Bank’s position as a socially responsible bank.

Who is granted a credit vacation and what are the requirements for obtaining it?

Payment deferrals are issued both to those who are affected by COVID-19 and to those who were forced to quarantine or lost their jobs due to a pandemic.

In order to receive such a delay, the client must contact the Spitamen Bank branch and request it in writing.

Spitamen Bank is probably the only bank in the country that, despite the difficult situation, regularly opens new service branches. How do you comment on this?

The principle of the bank’s work is based on building long-term and partnership relations with customers. Our goal is to be closer to customers and provide the population with high-quality and affordable financial services.

Thus, since the beginning of this year, Spitamen Bank service points map has expanded to 11 new service centers, and this is not the limit!

In addition to opening new Banking Centers, Spitamen Bank is also expanding its ATM network, which will increase public access to financial resources.