From January 1, 2009, Belarus’ citizens guaranteed 100% refund of deposits up to EUR 5,000 in equivalent
From January 1, 2009, citizens are guaranteed to be refunded 100% of their deposits (regardless of the deposit currency) in any bank to the amount that is equivalent of up to EUR 5,000 inclusive. President Alexander Lukashenko has signed the Law “On Guaranteed Refund of Bank Deposits to Natural Persons”.
As BelTA was told in the press service of the head of state, this regulatory legal act identifies the procedure for refunding natural persons’ cash assets invested into bank deposits in cases when the respective bank is unable to honour its obligations before the citizens, i.e. in case its license is revoked (the bank goes bankrupt).
According to the data provided by banks, deposits under 5,000 euros account for 95 per cent of all bank deposits in Belarus. Therefore, the sum of money mentioned in the Law is optimal; however, the maximum amount that can be refunded may be later revised upward, the press service said.
