OREANDA-NEWS. On July 14, 2008 President Alexander Lukashenko has signed the Law “On Guaranteed Refund of Bank Deposits to Natural Persons”, reported the Official website http://president.gov.by.

This regulatory legal act identifies the procedure to refund natural persons’ cash assets invested in 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).

From 1 January, 2009, citizens are guaranteed to be refunded 100 per cent of their deposits (regardless of the deposit currency) in any bank to the amount that is equivalent of up to 5,000 euros inclusive. 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.