Uzbekistan”s President Islam Karimov signed a decree “On additional measures on guaranteeing protection of deposits of population at commercial banks of Uzbekistan” on November 28.
According to the decree, the population will be guaranteed to receive compensation on their deposits at commercial banks in full volume, independently of its volume.
Commercial banks and Fund for guaranteeing deposits of population at banks will repay compensations on deposits to population, using the regular payments and fees made by the banks to the fund.
The Law “On guarantees of protection to the population”s deposits in banks” adopted by Oliy Majlis in April 2002 created a legal foundation for the protection of citizens” rights in the banks of Uzbekistan. In order to meet the objective set for the Law, the Resolution of the Cabinet of Ministers of Uzbekistan No. 326 of 19 September 2002 created a Fund for guaranteeing deposits of population at banks.
The Fund”s main task is to guarantee the payment of compensations on the citizens” deposits in the banks whose licenses are revoked by the Central Bank of Uzbekistan.
