On February 18, Uzbekistan's President enacted the Law "On Guarantees for the Protection of Bank Deposits" to improve deposit security. It insures new deposits up to 200 million UZS, protecting existing deposits regardless of amount. The law applies to individual depositors and entrepreneurs, addressing stability and potential economic crises. Rustam Rafikov explains the necessity of a limit to balance state budget burdens and deposit safety. The law also ensures that compensation payments to depositors will be processed faster than before, enhancing overall confidence in the banking system.
In addition, the law guarantees that all new deposits opened after the law's enactment will be insured by the government up to 200 million UZS per bank.
Rustam Rafikov emphasized that the 200 million UZS limit is an optimal solution, covering most depositors while ensuring quicker compensation payouts during economic crises.
Keeping money in a bank is not only safe but also profitable. Even if a deposit exceeds 200 million UZS, the bank remains fully responsible to the depositor.
The legislation aims to enhance the security of citizens' savings and strengthen Uzbekistan's financial system, particularly through government-backed insurance.
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