Uzbekistan protects deposits of population at banks
Tashkent, Uzbekistan (UzDaily.com) --
Deposits of population at commercial banks of Uzbekistan will be repaid fully independently from its size, a decree, signed by Uzbek President Islam Karimov “On additional measures on guaranteeing protection of deposits of population at commercial banks of Uzbekistan” from 28 November, said.
The decree said commercial banks and Fund for guaranteeing deposits of population at banks will compensate deposits’ population, using the regular payments and fees made by the banks to the fund.
Earlier, the Fund compensated the deposits in the amount of up to 100 times the minimum wage rate in full amount if a bank is liquidated.
If the deposit is within the range of 100 times - 250 times the minimal wage rate, 90% of the deposit should be repaid to the depositor.
If, however, the deposit amount exceeds 250 times the minimum wage rate, the issue on compensation is considered by the Liquidation commission of the depositor’s bank.
The compensation of citizens’ deposits in foreign currency is done in the same way in national currency in accordance with the exchange rate established by the Central Bank on the day of license revocation.
The deposits of the population in the banks are protected in line with the Law "On guarantees of protection to the population’s deposits in banks" adopted by Oliy Majlis in April 2002. The Fund for guaranteeing deposits of population at banks was created in line with the Resolution of the Cabinet of Ministers of Uzbekistan No. 326 of 19 September 2002.
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.