CENTRAL BANK OF ARMENIA PROPOSES TOUGHENING MEASURES OF PUNISHMENT FOR VIOLATION OF LAW ON CURRENCY REGULATION AND CONTROL

ArmInfo
2009-03-16 16:22:00

ArmInfo. Central Bank of Armenia proposes toughening measures of
punishment for violation of Law on Currency Regulation and Control.

Chairman of Armenian Central Bank (CB) Artur Javadyan presented a
package of amendments to the Law on Administrative Violations and an
accompanying Law on Currency Regulation and Control in the Parliament
Monday. He said the amendments provide for increase of preventive
measures. A. Javadyan said this issue has become current after the
phenomenon of price establishment, sale and provision of services in
terms of currency was resumed. A. Javadyan believes it a very dangerous
phenomenon threatening to the national security. The aftermath, which
the dollarization leads to, are sharp fluctuations in the market,
and dependence of a market on other countries, he said. There are two
groups of enterprises and subjects regulated by the given law. The
subjects of the first group are licensed by the Central Bank.

In case of violation of the law, this group is warned to liquidate
the violation and prevent it in future. If the subject of this group
will let the second violation over a year, he will be punished in the
form of fine in an amount of 2000-fold minimal salary or stopping
its activity for 6 month or a year. In case if the subject breaks
for the third time, the fine will be in an amount of 4000-fold of
minimal salary or its license will be recognized invalid.

As for the persons not licensed by Central Bank, Javadyan suggested
to fine for the first violation in an amount of 2000-fold of minimal
salary and for the second time – 4000-fold. "These sanctions may seem
quite strict, but on the other hand they should raise preventive role
of the law", – Javadyan said.

From: Emil Lazarian | Ararat NewsPress