CBA PROPOSES DECLARING FOREIGN CURRENCY BROUGHT INTO ARMENIA

Noyan Tapan
Nov 01 2006

YEREVAN, NOVEMBER 1, NOYAN TAPAN. It is envisaged to require that
citizens make a declaration in case of bringing more than 10 thousand
dollars into Armenia. Chairman of the Central Bank of Armenia (CBA)
Tigran Sargsian said during the discussion of the 2007 draft state
budget in the RA NA standing committees on November 1 that the
introduction of this declaration system will allow to calculate the
amount of foreign currency flow into Armenia. According to him, the
surveys conducted by the CBA at Armenian airports and customs points
show that this year cash of more than 3 billion USD has flown into
Armenia with about 450 thousand tourists. Surveys were also conducted
to calculate the cash brought out of the country, as a result of
which the positive balance made about 450 million USD. In the opinion
of T. Sargsian, this amount may be much greater, as large amounts of
cash brought into Armenia are not declared and those surveyed do not
give exact information about it. The CBA Chairman said that inflow
of large amounts cannot but affect the price of foreign currency on
the domestic market.