Parliament refuses to put on r agenda draft law calling for cancellation of mandatory car insurance

YEREVAN, February 7, /ARKA/. Armenian parliament members refused today to put on their agenda a draft law motioned by the oppositional Heritage faction calling for cancellation of the mandatory car insurance enforced from January 1, 2011.

Armen Martirosian, a Heritage faction member, said 24% of car owners did not buy car insurances, having instead applied for a temporary exemption from the requirement allowed by the law. They will have to deposit their license plates with the road police and will be allowed to drive their cars for up to three months a year.

The mandatory insurance against physical damage caused to other cars and individuals became mandatory in the country on January 1, in accordance with a government-drafted law passed by the Armenian parliament last year.

According to the latest data, about 70% of some 430,000 or so vehicles registered in Armenia have been covered by insurance.

Stepan Safarian, head of the faction, suggested that the draft law be put on the agenda so that to conduct large-scale study. But the proposal was supported only by 21 lawmakers as 64 voted it down. -0-

spot_img

POPULAR

Central Bank of Armenia and National Bank of Georgia Sign Memorandum of Understanding on Financial Cooperation

The Central Bank of Armenia and the National Bank of Georgia have signed a memorandum of understanding regarding financial cooperation.

Central Bank raised the rate: what could happen to loans and deposits – and why not right away

The Central Bank of Armenia's increase in the monetary policy rate to 6.75% does not automatically and immediately lead to higher rates on bank loans and deposits.

Governor of the Central Bank of Armenia discussed economic risks and prospects and capital market development with the IMF delegation

On Wednesday, at the opening meeting with the IMF mission delegation to Armenia, led by Alexander Timan, the Governor of the Central Bank of Armenia, Martin Galstyan, discussed recent macroeconomic developments, economic prospects, and key risks.

Armenia’s sovereign rating increase should lower interest rates, but external factors are putting inflationary pressure on the country: Pashinyan

During government hour in parliament on Wednesday, Armenian Prime Minister Nikol Pashinyan raised the possibility of raising interest rates on loans.

Central Bank rate hike will not have a significant impact on market sentiment and investment activity in Armenia – Freedom Broker Armenia CEO

Freedom Broker Armenia Director Hovak Hovakimyan does not expect the Central Bank rate hike to have a significant impact on market sentiment and investment activity in the local market.

LATEST NEWS

spot_imgspot_imgspot_img