CBA CHAIRMAN: ALL BIG SHOPS IN ARMENIA WILL SHIFT TO CASHLESS SERVICING OF CUSTOMERS

Noyan Tapan
Feb 05 2007

YEREVAN, FEBRUARY 5, NOYAN TAPAN. In 2007, legislative steps will
taken so that all big shops will shift to the system of cashless
servicing of customers. Shops to decline to use cashless servicing
(with the use of pastic cards) will be punished. The Chairman of
the Central Bank of Armenia (CBA) Tigran Sargsian stated this at the
December 5 press conference.

Responding to NT correspondent’s question about what measures the
CBA and government will take to reduce cash circulation in Armenia,
T. Sargsian said that in order to make the above mentioned shift, the
ArCa system and commercial banks will install POS terminals in shops.

In his words, this year some commercial banks will take steps
to install cash dispensers. It was mentioned that both natural
and juridical persons will be required to restrict their cash
circulation. Stricter regulations will be used with respect to foreign
currency exchange offices as well.

T. Sargsian noted that in 2006, commercial banks made considerable
investments for developing the communication means of the system of
cashless payments.

In his opinion, after the shift to chip plastic cards in 2007-2008,
the system of cashless payments will be used in the whole country.