By the end of 2006 the Azerbaijani parliament s expected to adopt a Law on Indexation of Community Deposits, put at the Savings Bank of former USSR until 1 January 1992. The chairman of the permanent parliamentary commission on economic issues, Ziyad Zamedzase, informed Trend that the document has not entered the parliament, while the discussions over the bill will more probably complete by the end of 2006.
The document is not so large, as it includes only the terms and date of indexation, the acts planned by the government, Samedzade underscored.
According to MP, inventory of depositors held by Kapital Bank revealed some drawbacks, in particular, the falsification of deposit books.
Definite losses are inevitable during the indexation, as the experience of the other countries show. As of initial data, 500-600m manats are required for the indexation of deposits, Samedzade stressed.
The 2006 public budget stipulate 50m new manats for the indexation of deposits.
The inventory held at Kapital Bank revealed 1,986,000 depositors with savings worth 4.8 billion Soviet rubles. The Finances Ministry has three variants to conduct indexation, requiring $0.3-0.4bn, $0.5-0.55bn and $0.8-1bn. The indexation is complete Kazakhstan, Kyrgyzstan and Belorus. At present indexation of deposits is underway in Russia, Ukraine and Moldova. It is implemented in different ways every country. One Soviet ruble is taken $0,0033 in Russia, $0,006 (or150 rubles per US $ 1) in Kazakhstan , $0,009 I Ukraine, $0,33 - Belorus, $0,20 Moldova, $0,024 Kyrgyzstan.
Samedzade stressed that in future it is necessary to establish a insurance system of current because of the inflation and the alternation of factors affecting on real wages.
It is dealt with the indexation of community funds amid increase of inflation, which currently under consideration. The European countries carry out every quarter and inject changes in to real wages, Samedzade noted.
He explained the inefficiency of the law on Indexation of Community Expenses, adopted in Azerbaijan in 1990s, with 4-digit inflation in that period. Moreover, there were not financial sources to carry out the process, but now the country has reserves.