Uzbekistan’s Deposit Guarantee Agency has completed payout of 207.5 billion UZS in compensation to depositors of the shuttered Yangi Bank JSC, agency director Ulugbek Khamdamov announced at a media briefing on October 21.
Within 11 business days following the bank’s closure, 86% of depositors received compensation. The agency appointed Business Development Bank JSC as the paying agent bank to process the disbursements. According to the agency, the agent bank paid out compensation to 99.4% of depositors.
Of the funds transferred by the agency, a balance of around 1.5 billion UZS remained unclaimed by depositors. When preparing for the bank’s closure, the agency set aside 250 billion UZS for compensation payouts. Depositors are guaranteed deposit refunds of up to 200 million UZS per bank.