There is a retail deposits insurance system in Uzbekistan that is governed, basically, by the Deposit Insurance Law. The Deposit Insurance Fund (in Russian: Фонд Гарантирования Вкладов Граждан в Банках) (the Fund) has been created for the purposes of implementation of the retail deposit insurance system in Uzbekistan. The purpose of the Fund is to insure the payment of compensations in connection with deposits of individuals held with an Uzbek bank should a banking licence of such bank has been revoked by the Central Bank of Uzbekistan (the CBU). Before bankruptcy proceedings are opened against the Uzbek bank, its banking licence should be revoked by the CBU. All Uzbek banks shall pay regularly mandatory fees to the Fund so that to form and maintain the charter capital of the Fund. Payment of mandatory fees by the Uzbek bank may be suspended when the total amount of all fees paid by the Uzbek bank has reached 5% of total amount of deposit bal...
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