NEW DUTY OF CURRENCY IMPORT-EXPORT TO BE INTRODUCED IN ARMENIA

ARKA News Agency, Armenia
Oct 30 2007

YEREVAN, October 30. /ARKA/. A new duty of currency import and export
will be introduced in Armenia soon, said Chairman of the Central
Bank of Armenia (CBA) Tigran Sargsian. According to him, the new duty
makes provisions for currency import and export compulsory rules set
by international organizations.

The regulations are part of the struggle against money laundering and
financing of terrorism. "Sooner or later we will have to implement
those duties," Sargsian said. "Our policy now is to study experience
of other countries for the purpose of implementing more effective
mechanisms. This is why, we do not hurry with their introduction."

At present, liberal rights in Armenia allow both residents and
non-residents to freely import and export currency.