The Central Bank of Uzbekistan clarified the new regulations for deposit protection.

The Central Bank has clarified the main innovations introduced by this law.

One of the key changes is the establishment of a guaranteed deposit amount of 200 million sums for each depositor in a single bank. This rule applies to new deposits made after the law comes into effect.

At the same time, all fixed-term and savings deposits opened earlier maintain full guarantees regardless of their amount. If the deposit amount is less than 200 million sums, it will be fully covered by the guarantee.

Another significant change is the extension of the guarantee system to deposits made by entrepreneurs, including individual entrepreneurs, which greatly enhances the protection of their funds.

The deposit guarantee system plays a crucial role for several reasons. First, it protects depositors in the event of bank liquidation, allowing them to recover their funds. Second, it encourages banks to operate sustainably and compete not only on interest rates but also on reliability.

It is important to note that the established limit of 200 million sums does not restrict depositors from placing larger amounts in banks. The money held in accounts remains secure, and the guarantee only applies in the event of bank liquidation.

The timelines for compensation payouts have also significantly changed. Previously, payouts began after 83 days; this period has now been reduced to 20 working days, and it will eventually decrease to 7 working days. This means that in the event of an insured event, the Deposit Guarantee Agency is obliged to start payouts within 20 working days, and under favorable conditions, even earlier.

Even if a depositor is unable to withdraw funds within the established timeframe, they can do so later at a convenient time by contacting the Agency.