Parliament Mentions Problems with Indexation of Peopleїs Deposits in Savings Bank of AzSSR

Business Materials 28 September 2008 16:00 (UTC +04:00)

Azerbaijan, Baku, 27 September/corr. Trend I.Alizade, U.Ismayilova/ їThe main problem concerned with indexation of peopleїs deposits in the Savings Bank of AzSSR is a loss of appropriate documents from banks,ї Head of Administration of Azerbaijani Parliament, Safa Mirzayev, said to press-conference.

їRestoration of these documents is important for indexation of peopleїs savings,ї he said.

The second problem with re-payment of the deposits to people is linked with the emigrated citizens, who were living in Azerbaijan in Soviet period, and left for other countries for permanent residence.

Not only the Parliamentary Commission on Economy, but also all relevant State structures participate in development of the Law on Indexation of Peopleїs Deposits in Savings Bank of AzSSR, he said.

Azerbaijani Minister of Finance Samir Sharifov said earlier that presently the Ministry of Finance does not see any mechanism of conducting indexation on peopleїs deposits in the Savings Bank of AzSSR.

їMany questions, connected with indexation of the deposits are still open. Presently there is no legislation, providing indexation on the deposits,ї Sharifov said.

In order to conduct indexation, several aspects should be taken into consideration, especially how much it is purposeful to run such indexation during 10 years, how to regulate the inflation moments.

At the present there are a lot of problems which can lead to mass law violations in the process of indexation, the Minister said. їThe depositors` bankbooks do not have any protection degrees. Because of this a lot of questions regarding their identity will arise,ї he added.

During the inventory, run by Kapital Bank, 1.986mln depositors were found. The total amount of their deposits is 4.8bln Soviet roubles. The Ministry of Finances is preparing three variants of indexation, requiring $0.3-0.4bln., $0.5-0.55bln. and $0.8-1bln.

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