...

Nominal Accounting of Deposits of Population to USSR Savings Bank Completed

Business Materials 23 November 2006 14:46 (UTC +04:00)

The State Commission for Indexation of Inventory of Deposits of Population to Azerbaijan Department of USSR Savings Bank, which devaluated after 1 January 1992, completed the nominal accounting of the deposits. As a result of the indexation, the amount of the deposits has been defined in 6,5 bln Soviet rubles, Trend reports with reference to the Chairman of Executive Board of Kapital Bank, Rauf Rzayev.

At present, the Commission is working out the indexation mechanism. According to one of them, it is intended to pay $111 for each thousand Soviet rubles. Rzayev considers that is a high indicator amongst the countries where indexation has been held. Amongst the CIS countries, the indexation has been completed in Kazakhstan, Kyrgyzstan and Belarus. Presently the indexation of the deposits is being carried out in Russia, Ukraine and Moldavia. It happens differently in each country. Thus, 1 Soviet ruble is accepted as $0,0033 in Russia, Kazakhstan $0,006, Ukraine $0,009, $0,33 Belarus, $0,20 Moldavia, $0,024 Kazakhstan. Although AZN 50 mln has been intended in the 2006 State Budget of Azerbaijan for the indexation, it is unknown when this process will commence because still there are unsettled questions. According to Rzayev, it is required to make an exact number of items of several legislative acts, including the Civil Code. In addition, it needs to define the number of depositors from the occupied Azerbaijani territories. In several region (firstly Nagorno-Karabakh), there is true information only for 1 January 1988 and this makes difficult to assess the regional amount and hold indexation, which is held as of 1 January 1992. According to the financers, the indexation is planned to be completed within 8-10 years. The Finance Ministry has three variants of conducting indexation, requiring $0,3-0,4 bln, $0,5-0,55 bln and $0,8-1 bln. 1986000 depositors have been discovered at the time of the inventory held in Kapital Bank.

Latest

Latest