WEEKLY ECONOMIC REVIEW
Last week was remembered with an inconsiderable, but exiting event. Draft law on Indexation of deposits has been presented to the Presidential Apparatus and will be soon passed to Millli Mejlis. The Minister of Finances, Avez Alekperov, said the state commission has thoroughly discussed this question. Old people and persons with definite services will receive their deposits first.
However, as there are still some disputable points left, a special commission will be organized to deal with persons, who lost documents confirming their savings. Process of indexation of deposits, put at the Savings Bank of the former USSR till January 1 1992, is supposed to include 2 million people, who will receive 600m manats in total. The total amount of their deposits was 4.8bn of soviet rubles.
The Azerbaijani government is planning to conduct the full indexation of deposits in 8 years, whereas some other countries plan to accomplish this project in 20 years. According to the Minister, Azerbaijan will use an indexation method differing from that existing other countries. The sum is lower than 2,000 rubles will be calculated as one ruble to one new manat, whereas as the sum is big the correlation will be cut. Alekperov believes that Azerbaijani model of indexation is the best.
In CIS indexation was completed only in Kazakhstan, Kyrgyzstan and Belarus. Indexation process is now being carried out in Russia, Ukraine and Moldova. Each of the countries has a different model. Thus, one Soviet ruble in Russia is $0,0033, in Ukraine- $0,009, Belarus- $0,33, Moldova- $0,20, Kyrgyzstan - $0,024.
The people have been impatiently waiting for repayment of their lost deposits for 9 and the process in the initial phase. However, the fact of repayment of deposits is in the interest of the state and it will benefit both sides.