Cash Transactions To Be Limited

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

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS