TODAY.AZ / Business

Official: Azerbaijan completing payment of compensations for Soviet-era deposits

26 December 2013 [17:00] - TODAY.AZ
The payment of lump compensations to the depositors of the Azerbaijani branch of the former USSR Savings Bank will be completed on Dec.31, 2013, a message from the country's Finance Ministry said on Dec.26.

"The vast majority of citizens who had deposits already received compensation. At the same time, some of the persons who have submitted documents in the prescribed manner to the special commission for issuing lump payments under the Finance Ministry, haven't yet applied to the branches of Kapital Bank - the bank responsible for issuing compensation as the successor of the Savings Bank of Azerbaijan SSR- to receive them," the Finance Ministry said.

In this regard, the Ministry of Finance reminded the public that payments will expire soon and asked citizens who have not received compensation to apply to the relevant branches of Kapital Bank before the end of 2013.

As of July 1, some 1,619,938 depositors (or their heirs) have received compensation in the amount of 597 million manat. In Azerbaijan some $190 was paid per thousand Soviet rubles, while in other countries of the former Soviet Union, this figure was several times lower - from $7 to $150.

The official exchange rate on Dec.26 is 0.7845 AZN/USD.


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