The Senate of Uzbekistan has approved the law on the protection of bank deposits.

Special attention has been given to enhancing the deposit guarantee system, which contributes to ensuring the long-term stability of the banking and financial sector of the republic, as well as aligning this system with advanced international practices.

The Law outlines key concepts such as the guarantee case, the object of guarantee, guaranteed deposit, and compensation for guaranteed deposits.

The document designates the authorized body responsible for ensuring deposit protection in banks—the Deposit Guarantee Agency—and establishes its status, rights, responsibilities, and operational procedures.

One of the important provisions of the Law is the stipulation regarding the payment of compensation by the Agency in the event of a guarantee case. According to the Law, the amount of compensation for a single depositor in one bank is equal to the full amount of the remaining object of guarantee if it does not exceed 200 million sums.

The Law also provides for a phased reduction in the time frame for compensating depositors during the liquidation of a bank. Starting from January 1, 2025, payments will be made within 20 working days, from January 1, 2026—within 15 working days, and from January 1, 2027—within 7 working days.

Furthermore, in the event of a bank's bankruptcy, depositors' claims against the bank will transfer to the Agency, as it assumes the obligations to reimburse the depositors' funds.

The adoption of this Law aims to ensure the safety of the funds of individuals and entrepreneurs, strengthen the stability of the banking system, and expedite the process of deposit payouts in the event of a guarantee case.

As a result of the discussion, the Law was approved by the senators.