Amendments to the law on protection of bank deposits will come into force on June 10. The Executive Director of the Deposit Protection Agency Kadyrbek Bukuev told at a press conference in Bishkek.
«According to the law, the agency will pay bank depositors (individuals and individual entrepreneurs) compensation on deposits in case of a guarantee event in the amount of no more than 1 million soms in total, including interest on deposits. The deposit protection system is regulated by the law of the Kyrgyz Republic «On protection of bank deposits» and is designed to protect the interests of depositors of banks, microfinance companies and housing savings credit companies included in the deposit protection system, by paying compensation to depositors on deposits in case of a guarantee event,» he said.
Participation in the deposit protection system is mandatory for all resident banks, branches of foreign banks located in Kyrgyzstan. To date, this system includes 23 commercial banks, one microfinance company and one housing and savings credit company.
