CENTRAL BANK LAW AIMS TO STRENGTHEN ARMENIAN DRAM

Armenpress

YEREVAN, JUNE 29, ARMENPRESS: A Central-Bank developed law on Hard
Currency Regulation and Hard Currency Supervision enacted on July
28, seeks to strengthen the position and significance of Armenia’s
national currency-dram.

Under the new law all prices for all types of goods and services
must be fixed in Armenian dram. It also demands that commercial
banks and lending organizations which have the right to carry out
hard currency transactions fix the prices of their services for
clientele exclusively in drams. The law extends to all physical and
juridical persons, regardless of whether they are citizens of Armenia
or not. Failure to observe the law will be punished by administrative
sanctions and penalties.