The President of Uzbekistan, Shavkat Mirziyoyev, has signed a new version of the law "On Guarantees for the Protection of Bank Deposits," Spot.uz reports.
It is noted that the responsibilities of the Deposit Guarantee Fund for Citizens will be transferred to the newly established Deposit Guarantee Agency (DGA), which will be responsible for paying compensation to depositors if a bank’s license is revoked by the Central Bank.
In the event of a bank's license being revoked, the maximum amount of compensation to be paid from this Fund to a single depositor across all deposits will be 200 million sums (approximately $15,400). Any remaining balance must be returned to the depositor by the liquidated bank.
Depositors are entitled to receive additional compensation during a bank's reorganization through a merger or acquisition. They can withdraw part of their deposit beyond the guaranteed amount and any accrued but unpaid interest within six months.
The DGA is required to ensure access to compensation for at least 75% of depositors within 20 working days. Starting January 1, 2026, the refund period will be reduced to 15 days, and by the beginning of 2027, it will be further reduced to 7 working days.
Along with citizen deposits, guarantees also extend to the deposits of individual entrepreneurs and legal entities. However, state-owned enterprise accounts, other banks, and financial institutions are excluded.
Meanwhile, the Fergana news agency provides a comparison of deposit limits in other countries (in USD equivalents): Kazakhstan — US$43,000; Russia — US$15,400; Turkiye — US$14,000.
What about Tajikistan?
In Tajikistan, the Deposit and Savings Insurance Fund handles compensation for insured deposits in liquidated credit institutions.
In July 2023, amendments to the law "On the Insurance of Individual Savings" came into force, which increased the compensation amount for insured deposits and savings in lending institutions.
According to the amendments, the compensation amount for deposits and savings was set at 35,000 somonis (approximately $3,200).
Before the amendments, the compensation amount in local currency was no more than 500 calculating indictors (34,000 somonis), and in foreign currency, it was no more than 350 calculating indicators (23,800 somonis).
Additionally, the amendments expanded the list of mandatory insurance objects: deposits and savings accounts of individual entrepreneurs, legal entities, small businesses, and non-commercial organizations are now insured. Previously, only individual savings were insured.
