The Cabinet of Ministers allocated UAH 96,394,547 to the state-owned Savings Bank (Oschadbank) on April 17 for compensating Ukrainian citizens for the deposits they held in the former Soviet Union's Savings Bank before 1992, which depreciated as a result of hyperinflation.

The bank announced this in a statement.

The money is intended for transfer into depositors' accounts within the scope of the amount that has been indexed (a maximum of UAH 1,000 per depositor).

The payments to the depositors will be made in accordance with the Cabinet of Ministers resolution No. 1 of January 9, 2008.

The Cabinet of Ministers has allocated 20 tranches of money to Oschadbank in 2007 for compensating citizens for their depreciated deposits since the start of 2008.

On April 10, the Cabinet of Ministers allocated UAH 200 million to Oschadbank as the 19th tranche of the money for compensating citizens for the depreciated deposits, thus bringing the total amount allocated as of that date to UAH 4,752.5 million.

As Ukrainian News earlier reported, the Cabinet of Ministers resolution No. 1 of January 9, 2008, provides for payment of compensations totaling UAH 6 billion to the owners of the depreciated deposits in 2008, including UAH 5.76 billion directly to depositors and UAH 0.24 billion to the successors of the depositors that have already died.

The document also states that the State Treasury can transfer this money to Oschadbank in hryvnia or in foreign currency for payment of the compensations.