TAJIKISTAN: in Tajikistan it is proposed to insure deposits and savings of legal entities

25 January 2023 — Marina MAGNAVAL
The lower chamber of the Tajik parliament adopted amendments to the law "On Insurance of Savings of Individuals". Along with individuals, it is also proposed to insure savings and deposits of individual entrepreneurs, small businesses, as well as non-profit organizations, ASIA-Plus writes.

It is proposed to rename the law "On Insurance of Savings of Individuals" to the Law "On Insurance of Deposits and Savings", and the "Insurance Fund for Savings of Individuals" to "Deposit and Savings Insurance Fund of Tajikistan".

The authors of the draft amendments propose to establish in the law a single amount of compensation for all insured persons, both in national and foreign currency - no more than TJS 35 thousand (EUR 3138). In accordance with the current law, the amount of compensation for savings in national currency is no more than TJS 34 thousand (~EUR 3000), and for savings in foreign currency - no more than TJS 23.8 thousand (~EUR 2133).

The role of the Insurance Fund in Tajikistan increased dramatically after the banking crisis that began in 2016, when four banks found themselves in a difficult financial situation at once, including backbone banks that occupied almost half of the country's financial intermediation market. According to the National Bank, five 5 banks are currently at the stage of liquidation.

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