CBA CANCELS FOREIGN CURRENCY SALE AND PURCHASE LICENCES OF 7 ENTERPRISES

Noyan Tapan
March 25, 2008

YEREVAN, MARCH 25, NOYAN TAPAN. By the March 25 decision of the
Central Bank of Armenia (CBA) Board, the foreign currency sale and
purchase licences of the following enterprises: Gazpa LLC, Karlen
Melkonian, Armen Hakobian, Three Seven – 777, Aghasi Nalbandian,
Drastamat Lalayan and Artur Harutyunian were cancelled.

According to the CBA press service, at the March 25 sitting the CBA
Board approved the 2007 financial report of the CBA, the regulations
"The Order of the Classification of Assets of Insurance Companies
and of the Formation and Use of Reserves of Possible Losses", and
the report "The Development, Regulation and Control of Armenia’s
Financial System in 2007".

Based on the CBA Board decisions, amendments were made to the following
regulations: "The Registration and Licensing of Branches of Banks
and Foreign Banks, the Registration of Branches and Representative
Offices of Banks, the Qualification and Registration of Heads of
Branches of Banks and Foreign Banks", "The Licensing and Regulation
of Foreign Currency Sale and Purchase Operations", "The Licensing
of Organizations Implementing Money Transfers, Registration of
Branches, Regulation of Activities, Qualification of Heads", and
"The Licensing of Organizations Engaged in Processing and Clearing
of Payment Instruments and Payment and Settlement Documents, the
Registration of Branches, the Qualification of Heads".

Additions and an amendment were made to "The Order of Classification
of Credits and Bills Receivable of Banks Operating in the Republic
of Armenia and of Formation of the Reserves of Possible Losses" and
"The Order of Formation and Use of the Reserve of Possible Losses
of Investments in Investment Securities of Banks Operating in the
Republic of Armenia".

By the Board’s decision, Prometey Bank LLC and Artsakhbank CJSC were
granted permission for participation in Money Gram foreign payment and
settlement system. Resolution Insurance Broker LLC was relicensed,
Garant-Limens insurance company and SIL Insurance insurance comapny
were reregistered and relicensed.