The senators passed Guarantees for the protection of bank deposits Bill, the Senate’s press service said on Thursday.
The Bill has proposed that the functions of protecting deposits shall be assigned to the Deposit Guarantee Agency, which will determine the procedure for paying compensation and regulate its activities.
The Bill provides for the payment of compensation to depositors in full if the deposit amount is 200 million soums, US$ 15.4 thousand, or less. While, the timelines for paying compensation will be reduced gradually: from January 1, 2025, payments will be made within 20 working days, from 2026 - in 15 days, and from 2027 - in just 7 working days in the event of liquidation of the bank.
The Bill is reportedly aimed at building trust in the banking system and protecting the interests of depositors.
