Senate Approves Bill to Safeguard Bank Deposits

The press service of the Upper House of the Parliament reported that the Senate of the Oliy Majlis had adopted a law protecting bank deposits.

The Deposit Guarantee Agency is tasked with processing payments, which can amount to 200 mln soums per individual.

The new law also outlines a gradual reduction in the payment period when a bank closes. This year, the period will be 20 working days, decreasing to seven days by 2027.

Senators believe this law will help safeguard the deposits of both Uzbeks and entrepreneurs while strengthening the country’s banking system.

Kursiv Uzbekistan also reports that two state-owned banks in Uzbekistan have faced significant losses due to bad loans.