According to the Telegram channel @centralbankuzbekistan, the Central Bank identified terms in commercial banks’ deposit agreements that restrict depositors’ right to reclaim their funds.
During a review of commercial banks’ deposit products, the regulator discovered clauses stating that the bank is not liable for the early return of a depositor’s funds during public unrest, rallies, street demonstrations, armed conflicts, or periods of insolvency.
Under current Uzbek legislation, a bank is required to return a deposit or part of it upon the depositor’s demand, regardless of the deposit type. Terms that restrict consumer rights and contradict the law are considered void.
The Central Bank demanded that commercial banks bring their deposit agreements into compliance with the law.