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Azerbaijan to start return of USSR-period banking savings from tomorrow

31 May 2012 11:05 (UTC +04:00)

During the press conference held today in connection with this issue, FinMinister Samir Sharifov explained all stages of the process, he said that from June 1, each Azerbaijani citizen having savings-bank book, or their heirs can address branches, offices or service departments of Kapital Bank.

During the presentation held by Kapital Bank, the addresses of points, which will receive applications, were introduced on the website of the bank.

Sharifov noted that, after maximum 5 days submission of applications by depositors, it was considered to implement lump-sum payments. But, in case of any shortage in the documents, as well losing of savings-bank book, making useless and etc, the period can be prolonged. Acceptance of applications will be until December 31, 2012, transferring of lump-sum payments â€“ until December 31, 2013. During this time, researches on troubled loans will be carried out.

He noted that, this process would cover 2.4 mln bank accounts. Funds for repayment are near AZN 1 bln.

Sharifov noted that, repayment of savings was not expected to influence the inflation: â€œThis has two reasons. First, we donâ€™t expect that, repaid funds will be directed to consumption market immediately. Of course, a part of them will not be spent immediately. Second, the prices traditionally decrease in the summer months. Peak time of repayment of savings will be conducted in these monthsâ€.

Thereafter, the minister said that, in case of any shortage and problem in the documents, itâ€™s possible to apply to Special Commission established under the Ministry of Finance.