Tajikistan’s lower chamber (Majlisi Namoyandagon) of parliament has endorsed amendments making deposit insurance mandatory.
A regular sitting of the fourth session of the Majlisi Namoyandagon of the sixth convocation, presided over by its head, Mahmadtoir Zokirzoda, took place on January 18.
Presenting the draft law on amendments to the country’s law on insurance of individual savings to lawmakers, Hokim Kholiqzoda, the head of the National Bank of Tajikistan (NBT), in particular, noted that the draft law expands the circle of people, whose savings in banks are subject to mandatory insurance.
Alongside insurance of individual deposits, the bill offers insurance of deposits of individual entrepreneurs, small business entities and non-commercial organizations.
Based on this, it is suggested to rename the law “On Individual Deposit Insurance” “On Deposit and Savings Insurance”, because it will no longer be only about the savings of individuals but also about deposits of part of legal entities.
It also became necessary to rename the Individuals Deposit Insurance Fund the Deposit and Savings Insurance Fund.
Besides, the draft law, authored by the Tajik financial regulator and the Individuals Deposit Insurance Fund under support of the World Bank specialists, suggests establishing a single amount of compensation for all insured persons, both in the national currency, the somoni, and in foreign currency in the amount of no more than 35,000 somonis.
In accordance with applicable law, the amount of compensation for savings in the national currency is equal to no more than 500 calculating indicators (34,000 somonis) and for savings in foreign currency the amount of compensation is equal to no more than 350 calculating indicators (23,800 somonis).
