CASH TRANSACTIONS TO BE LIMITED
By A. Martirosian

AZG Armenian Daily
08/04/2008

Finance and Economy

In connection with the newly adopted law on Reduction of Cash
Transactions Vache Gabrielian, member of Central Bank of Armenia board,
informed the reporters on which kind of cash deals and transactions
are to be limited. After being adopted, the law is to come into power
on January 1, 2009.

According to the law, since 2009 all transactions exceeding AMD 3
million are to be realized cashless, via bank payments. Since 2010
the limit is to be lowered to AMD 2 million and since 2011 – 1 million.

Since 2009 all monthly wages exceeding AMD 60 thousand are not to
be paid in cash. In order to reduce cash operations ATMs are to be
installed in the most of the trade spots.

Mr. Gabrielian said that the law is aimed at the contribute the
struggle against shadow economy.

According to Central Bank appraisal, nowadays more than 50% of finance
transactions in Armenia are operated in cash, which is a very high
indicator as compared with other states. The major part of cash
transactions lie within the field of shadow economy.

From: Emil Lazarian | Ararat NewsPress