The Government has drafted a bill requiring amendments to the country’s law on state duties.
The bill providing for exempting the Individuals Deposits Insurance Fund (IDIF) from paying state duties in a court has already been submitted for consideration to the Majlisi Namoyandagon (Tajikistan’s lower chamber of parliament), an official source at the Majlisi Namoyandagon told Asia-Plus in an interview.
The Individuals Deposits Insurance Fund (IDIF) was established in 2011 and is operating under a simple paybox mandate. In 2011, IDIF’s assets amounted only to 24,256 somoni.
As of April 1, 2018, its assets reportedly amount to 126 million somoni. At the same time, the volume of insured individual deposits now amount to 2.6869 billion somoni.
Deposit insurance is a measure implemented to protect bank depositors, in full or in part, from losses caused by a bank’s inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
The Fund’s assets are reportedly formed due to payments made by lending institutions put on the Fund’s list. Each of these lending institutions makes quarterly payment equal to 0.5 percent of its average individual deposit balance.
48 lending institutions, including 12 banks and 38 microdeposit organizations, have reportedly been put on the list of the system of individual deposit insurance.
