Finance Ministry says TransFonD does well in NBR's yard

The Finance Ministry does not agree with the operational plan of TransFonD company, which is supposed to take over the administration of the national payment system from NBR.

The Ministry says that NBR’s administration of the payment system goes well and is risk-free. For more than a year now, NBR, the commercial banks and the Finance Ministry have been discussing, but mostly fighting over TransFonD.

This is supposed to be a private company where NBR is the main stockholder while the remaining shares are split among commercial banks. To support its view, the Finance Ministry drafted a note on the legality of TransFonD’s operating, stating its position on the functioning of such company.

Therefore, should TransFonD be chosen for running fund transfers for the Treasury, this would be done in two stages.

During the first stage, estimated to take up to six months, the transfers would be reimbursed by mandate-accounts opened in TransFonD’s records, while during the second stage the transfers would be reimbursed by open accounts in TransFonD’s own records.