Tashkent, Uzbekistan (UzDaily.com) -- The draft law “On guarantees for the protection of bank deposits” has been published. It was developed by the Central Bank and is being discussed at SOVAZ.

The purpose of the bill is to regulate relations in the field of guaranteeing deposits in banks by establishing measures aimed at ensuring the protection of the rights and interests of depositors and strengthening public confidence in the banking system.

The law provides general rules for the activities of the Deposit Guarantee Agency, the goals of its activities, rights and obligations, criteria for the appointment of the Agency’s management bodies, including members of the Board and the General Director.

The project defines the deposit guarantee system, the participation of banks in it, the management of system funds, the sources of the guarantee fund and the use of these funds, and the financing of the guarantee fund deficit.

Along with this, the bill stipulates the objects of guarantee, the amount of guaranteed deposits and the procedure for paying compensation for them. The amount of compensation, general principles for payment of compensation, and the rights of investors are determined.

The project can be changed, supplemented or rejected.