STARTING FROM JANUARY 2009 IT IS ENVISAGED TO MAKE 3 MILLION DRAM EXCEEDING DEALS IN CASHLESS WAY

Noyan Tapan
April 4, 2008

YEREVAN, APRIL 4, NOYAN TAPAN. At the April 4 sitting, the Armenian
government approved the bill on restriction of cash deals. The member
of the Central Bank of Armenia (CBA) Board Vatche Gabrielian told
reporters after the sitting that the bill stipulates which deals and
operations shall be made in a cashless way. In his words, the bill
is obviously aimed at fighting the shadow economy.

According to V. Gabrielian, it is envisaged making deals on sale
and use of goods, implemenation of work and provision of services
in a cashless way if the amount of such a deal exceeds a particular
sum. In particular, this amount will be fixed at 3 mln drams (about
9.7 thousand USD) from January 1, 2009, at 2 mln drams from 2010,
and starting from 2011 all deals exceeding 1 mln drams will have to
be made in a cashless way. Besides, salaries exceeeding 60 thousand
drams will be paid in a cashless way in Yerevan starting from January
2009, in regional centers from 2010 and in other settlements from
2011. V. Gabrielian said that there are also some restrictions on
pensions, education fees, and payments for medical services.