The Deposit Protection Fund has reached 6,008 billion soms as of the end of August. Executive director of the Deposit Protection Agency, Kadyrbek Bukuev, told 24.kg news agency.
According to him, over the first eight months of this year, incoming receivables amounted to 911.7 million soms, and the fund has increased by 15.6 percent.
Kadyrbek Bukuev noted that the fund’s plan for 2024 has been fulfilled by 94.4 percent, and by the end of the year, at this rate, its size could reach 7.2 billion soms.
In 2008, all banks were required to join the deposit protection system. When joining, banks contribute 1 percent of their authorized capital to the Deposit Protection Fund and then annually transfer 2 percent of their deposits. The Deposit Protection Agency increases these funds by investing in National Bank notes, government securities, and government treasury bills.
In the event of bankruptcy of any bank, the agency will pay compensation to depositors up to 1 million soms.
