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Ilham Aliyev has signed a decree on indexing of population's deposits left in Azerbaijan Soviet Savings Bank

28 October 2005 [13:21] - TODAY.AZ
On Thursday, October 27, the President of Azerbaijan, Ilham Aliyev signed a decree on community deposits at the former Azerbaijani Soviet Savings Bank.

The decree says that in late 1990s community deposits kept at the savings bank sharply depreciated due to a high inflation present at those times. Despite several indexations held by the government in the period from 1993 to 1997 the sum did not achieve prior level.

However, now a stabile development of Azerbaijan’s economic potential and its recent financial successes allow the government to restore depreciated deposits.

Therefore the government decided to establish a State Commission that will draw a plan of indexation of population's deposits that were left at the former Azerbaijan Soviet Savings Bank as of January 1, 1992.

Prime minister, Artur Rasizada was appointed chairman of the commission. Minister of Finances Avaz Alakbarov, Economic Development Minister Heydar Babayev, Labor and Social Security Minister Ali Nagiyev, Justice Minister Fikrat Mammadov, the chairman of the National Bank of Azerbaijan Elman Rustamov, the chairman of the Confederation of Trade Unions Sattar Mahbaliyev, and the chairman of the Board of the Kapital Bank Rauf Rzayev were appointed members of the commission.

The State Commission is entrusted to draw an appropriate bill on regulations of compensation payments for the deposit remains at the Azerbaijan Soviet Savings Bank as of January 1, 1992. It is also assigned by the government that the commission must within three months to propose a mechanism of how the compensation payments will be made.

Kapital Bank is in charge of inventory of bank deposits on population groups and age categories as of 1 January 1992. In this procedure KB will cooperate with the Finance Ministry, the Economic Development Ministry and the National Bank and has to report to the Cabinet of Ministers within three months.

The Cabinet of Ministers is entrusted to take all necessary procedures in issues described by the decree.



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