On Thursday the Azerbaijani President, Ilham Aliyev signed a decree on community deposits at the former Azerbaijani Soviet Savings Bank. The decree says the community deposits left at the savings bank sharply depreciated in late 1990s in relation to high inflation. Despite several indexations held from 1993 to 1997 the sum did not achieve prior level.
Stabile increase of AzerbaijanвЂ™s economic potential and financial opportunities have taken place for the last years give the country a chance to restore depreciated deposits.
Therefore it was decided to establish State Commission on preparations for indexation of community deposits left at former Azerbaijani Soviet Savings Bank as of 1 January 1992.
Primer, Artur Rasizada was appointed chairman of the commission, Finance Minister, Avaz Alakbarov, Economic Development Minister, Heydar Babayev, Labor and Social Security Minister, Ali Nagiyev, Justice Minister, Fikrat Mammadov, the chairman of the National Bank of Azerbaijan, Elman Rustamov, the chairman of the Confederation of Trade Unions, Sattar Mahbaliyev, and the chairman of the Board of the Kapital Bank, Rauf Rzayev became members of the commission.
The State Commission is charged in drawing of appropriate bill on regulation of compensation payments on deposit remains at the Azerbaijani Soviet Savings Bank as of 1 January 1992, as well as proposals on mechanism of compensation payments during three months.
Kapital Bank is charged in inventory of bank deposits on population groups and age categories as of 1 January 1992 jointly with the Finance Ministry, the Economic Development Ministry and the National Bank and informing the Cabinet of Ministers during three months.
The Cabinet of Ministers is charged taking of all measures in regard to the decree.