The Senate approved a law providing new guarantees for bank deposits.

Uzbekistan, Tashkent – According to AN Podrobno.uz, on January 24, the Senate of the Oliy Majlis approved a revised version of the draft law "On Guarantees for the Protection of Bank Deposits." This legislation aims to reform the system of guarantees for bank deposits and establishes an authorized body responsible for ensuring deposit protection, as reported by a correspondent from Podrobno.uz.

https://podrobno.uz/cat/economic/senat-odobril-zakon-o-novykh-garantiyakh-dlya-bankovskikh-vkladov/2025-01-25 08:12:37

According to the press service of the upper house of parliament, the document states that the Deposit Guarantee Agency (DGA) will serve as this body. It will reimburse depositors in the event of a bank's liquidation. The maximum guarantee amount will be 200 million sums per individual.

The new regulations will affect not only individuals but also sole entrepreneurs, who will also be included in the guarantee system.

The initial timeframe for the return of deposits will be 20 working days, but it will be gradually reduced: to 15 working days starting from January 1, 2026, and to 7 working days from 2027.

The management of the DGA will be overseen by a supervisory board consisting of five members, including representatives from the Central Bank, the Ministry of Economy and Finance, the Association of Banks of Uzbekistan, and one independent expert.

As noted during the first reading of the bill, the guarantee limit of 200 million sums will cover 99.7% of individual depositors' accounts, and the guarantee will apply to deposits opened after the law comes into effect. Equal guarantees are provided for deposits across different banks.