Central Bank imposes 40 million drams worth penalties on banks and exchange offices

YEREVAN, January 12. / ARKA /. The Central Bank of Armenia said today it has imposed 40 million drams worth penalties on some commercial banks and currency exchange offices after a series of 170 inspections late last year.

The inspections conducted in November and December 2014 were to find out whether local banks and exchange offices complied with the requirements of the national banking and currency legislation. The regulator said as a result it has imposed penalties, suspended licenses and issued warnings to 16 commercial banks and 12 exchange offices.

The Central Bank said also it will continue inspecting the banks and exchange offices and punish those caught in violating the law.

Late last year Central Bank chairman Artur Javadyan had warned that the regulator would take stringent measures against financial institutions for ‘speculative currency trading’ as the national currency, the dram, was losing its value against USD.

The Armenian dram began losing its value on November 24. On December 17 its official exchange rate fell to record low over the last 10 years to 527.20 drams per one USD. But after the Central Bank and the government took action to stabilize the tension the national currency strengthened against USD to 456.17 drams. Today the US dollar has been trading at 474.97 drams.-0-

spot_img

POPULAR

Euro, dollar, and ruble exchange rates against the Armenian dram fell: Central Bank of Armenia

The average market exchange rate for the US dollar against the Armenian dram, formed on the Armenian foreign exchange market as of March 31, 2026, decreased by 0.38 points compared to March 30, to 377.16 drams.

Acba Group invested $45 million in the creation of an AI factory

To spur the development of artificial intelligence infrastructure in Armenia, Acba Bank and Amundi-Acba Asset Management have invested a total of $45 million in Firebird to establish an AI factory and data center.

Regular disclosure of information by issuers is one of key conditions for development of Armenian capital market – Ministry of Economy

Capital market development in Armenia is increasingly dependent not only on the growth in the number of issues and the expansion of instruments, but also on the quality of the environment in which investors make decisions.

Armenia to Receive $200 Million from the World Bank to Develop a Sustainable and Competitive Economy

Armenia will receive $200 million (€170.3 million) from the World Bank to support its transition to a more competitive, globally integrated economy with responsible emissions management.

Mher Grigoryan considers ADB’s participation in key projects for Armenia important

Armenian Deputy Prime Minister Mher Grigoryan and Asian Development Bank (ADB) Regional Managing Director Leah Gutierrez discussed the implementation of joint programs.

LATEST NEWS

spot_imgspot_imgspot_img