Bank deposits in Turkmenistan now safe, gov't says

By  Trend

The law “On compulsory guarantee of deposits of individuals” has entered force in Turkmenistan.

This law defines the legal, economic and organizational bases of guaranteeing deposits of the individuals in banks of Turkmenistan, participation of banks in the system of compulsory guarantee of deposits.

The aim of the compulsory deposit guarantee system is to promote the attraction of savings of the population, protect the interests of depositors, strengthen confidence in the banking system of Turkmenistan by paying guarantee compensation in case if a member bank is compulsory liquidated.

The main principles of the system of compulsory guarantee of deposits are mandatory participation of banks, which accept deposits of individuals, transparency of the compulsory deposit guarantee system, the cumulative nature of the formation of the fund for compulsory deposit guarantee.

The subjects of the mandatory deposit guarantee system are investors, the Central Bank of Turkmenistan and the participating banks.