Will Soviet period bank accounts be restored?

After the collapse of the Soviet Union in 1991 Soviet bank accounts also disappeared. It was common practice in the Soviet period that families saved their income in bank accounts, especially so as to supplement their old-age pensions. The chaos of the breakup of the Soviet Union resulted in many people losing their life savings.

Compensation for lost savings has been an agenda for many post-Soviet countries during the last two decades. In Lithuania and Kazakhstan the issue has been resolved. In other countries it remains unresolved.

According to official statistics, the volume of savings in Georgia during the Soviet period was around 13 billion Soviet rubles, or approximately $8 billion. In 1997-98 some compensation was distributed however the process was incomplete and soon stopped. After the Rose Revolution the UNM government promised the population they would receive adequate compensation, and then ignored the matter during their nine year administration. The new Georgian Dream government will have to deal with this problem and find a solution.