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LAW OF THE KYRGYZ REPUBLIC

of June 2, 1997 No. 36

About recovery and protection of savings of citizens of the Kyrgyz Republic

(Law KR as amended of November 18, 2003 No. 226)

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on May 7, 1997

This Law establishes obligations of the Kyrgyz Republic on recovery and ensuring safety of value of cash savings of citizens of the Kyrgyz Republic, and also citizens of the former USSR.

Citizens of the Kyrgyz Republic, and also citizens of the former USSR have the right to recovery and safety of value of cash savings.

Article 1.

The state guarantees recovery and ensuring safety of value of cash savings of the citizens (further - guaranteed savings of citizens) placed:

- on deposits to commercial Elbank of the Kyrgyz Republic (raneebank savings and crediting of citizens of the Republic Kyrgyzstan) during the period till January 1, 1992;

- on deposits to the organizations of national insurance of the Kyrgyz Republic (earlier - the organizations of national insurance of the USSR operating in the territory of the Kyrgyz Republic) on long-term (accumulative) types of insurance during the period till January 1, 1992;

- in the bonds of the State target non-interest loan of 1990 which are not redeemed by the state from citizens and the bonds of the State internal premium bonds of the USSR of 1982 exchanged for bonds of the State 15 percent internal premium bonds of the Kyrgyz Republic of 1993 and the bond of the state treasury obligations of the USSR of 1990.

Article 2.

Guaranteed savings of citizens are the public internal debt of the Kyrgyz Republic.

Article 3.
Article 4.

Recovery of value of all types of money deposits is made regardless of that, the investor withdrew money from the account or closed personal account in the years ahead or not, by indexation of their remaining balance as of January 1, 1992.

Proceeding from it the deposit amount placed by citizens in organizations of Kyrgyzelbank is indexed using coefficients:

to 2500 rubles in the ratio 1 som to 1 ruble

from 2501 to 5000 rubles 1 som to 20 rubles

from 5001 to 10000 rubles 1 som to 30 rubles

over 10000 rubles 1 som to 40 rubles

Article 5.

Remaining balance of insurance premiums in the organizations of national insurance of the Kyrgyz Republic for January 1, 1992 is indexed on coefficient 20.

Article 6.

The redemption from citizens of non-redeemed bonds of the State target non-interest loan of 1990 is made on coefficient 20.

Article 7.

Recovery of value of bonds of the State internal premium bonds of the USSR of 1982 is made by the redemption from citizens of the bonds of the State 15 percent internal premium bonds of the Kyrgyz Republic of 1993 received by the population in case of exchange and also bonds of the state treasury obligations of the USSR of 1990, using coefficient 20.

Article 8.

The compensation amounts annually, before their complete issue, are indexed at size of increase in prices for the consumer goods and services entering the minimum consumer budget calculated by National Statistical Committee of the Kyrgyz Republic.

Increase in prices level for indexation of the added, but not extinguished amounts undertakes since January 1, 1998.

Article 9.

Payment of the added amounts of guaranteed savings of citizens is made:

- from January 1, 1998 to January 1, 1999 - to the disabled people and participants of the Great Patriotic War, persons equated to them and also persons which reached 70-year age is also more senior;

- from January 1, 1999 to January 1, 2000 - to persons aged from 60 up to 70 years;

- from January 1, 2000 to January 1, 2001 - to persons aged from 50 up to 60 years.

To other categories of citizens payment of the added amounts is made since January 1, 2001 within 3 years according to the procedure, determined by the Government of the Kyrgyz Republic.

Article 10.

The amount of guaranteed savings of citizens exceeding 2 thousand som with the consent of the investor can be extinguished by the securities of the Kyrgyz Republic providing the recovered cost of savings in full. At the request of citizens payment to the recovered cost of savings can be extinguished by issue of the stocks of the privatized companies intended for realization on money auction owned by the state or which are in use in the security market and also by carrying out settlement on the income tax in case of submission by citizens of declarations on the income.

Article 11.

The compensation amounts on guaranteed savings of citizens the income tax are not assessed and descended according to the procedure, stipulated by the legislation the republics.

Article 12.

Control of maintaining the register of investors, permission of all matters of argument performs the Government of the Kyrgyz Republic.

Article 13.

Enact this Law since January 1, 1998.

Article 14.

To the government of the Kyrgyz Republic:

- till December 1, 1997 to make inventory count by all types of deposits and insurance of citizens;

- include in the republican budget for 1998 separately expenses on compensation payments on savings of citizens;

- till January 1, 1998 to provide opening of special accounts and charge on them the recovered cash amounts of the citizens who were in deposits as of January 1, 1992;

- till December 1, 1997 to bring on coordination in General Court of Jogorku Kenesh of the Kyrgyz Republic procedure for repayment of the compensation amounts;

- bring the regulatory legal acts into accord with this Law.

 

President of the Kyrgyz Republic

A. Akayev

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