The president has signed a new law ensuring deposit guarantees in banks.

On February 18, the President of Uzbekistan, Shavkat Mirziyoyev, signed a new version of the law titled "On the Guarantees for the Protection of Bank Deposits."

https://uzdaily.uz/ru/prezident-podpisal-novyi-zakon-o-garantiiakh-vkladov-v-bankakh/2025-02-20 08:47:43

The maximum compensation amount due to a single depositor for all their deposits in one bank is set at 200 million soums. Funds from foreign currency deposits will be paid out in the national currency at the Central Bank's exchange rate on the day the guarantee event occurs.

In the event of a bank's reorganization through merger or acquisition, depositors are entitled to receive additional compensation. Within six months of the announcement of the reorganization, they will have the opportunity to withdraw early a portion of their deposit that exceeds the guaranteed amount, as well as any accrued but unpaid interest.

Starting from January 1, 2025, the Deposit Guarantee Agency (DGA) is required to ensure compensation payments to at least 75% of depositors within 20 working days. From January 1, 2026, this period will be reduced to 15 days, and from 2027, it will be further shortened to 7 working days.

In addition to individual deposits, guarantees also extend to deposits from individual entrepreneurs and legal entities. However, the mechanism does not cover accounts of state enterprises, other banks, or other credit and financial organizations.

The DGA will be overseen by a supervisory board consisting of five members, chaired by the head of the Central Bank. It will also include the Deputy Minister of Economy and Finance, a representative from the Cabinet of Ministers, a delegate from the Association of Banks of Uzbekistan, and an independent member appointed by the Central Bank.

The financing of the DGA's activities will be ensured through one-time and regular contributions from banks. Additionally, starting in May, the Agency will have the right, in agreement with the Central Bank, to impose special contributions on banks, which may be collected no more than once a year. These funds will be used to replenish the deposit guarantee fund in case of a deficit, repay borrowed loans necessary for compensation payments or bank rehabilitation, and restore the target size of the fund after its resources have been utilized.