Armenian government to set administrative penalty for provision of unlicensed financial services

YEREVAN, March 22 /ARKA/. The government of Armenia has approved today setting an administrative penalty for provision of unlicensed financial services and unlicensed advertising of credit organizations.

“The proposal sets administrative liability in relation to unlicensed persons for the provision of advertising services to credit institutions by means of media, social networking services and any other electronic information transfer mechanisms,” Justice Minister Artak Zeynalyan explained.

He said the administrative penalty size may vary from 2 million to 4 million drams. Zeynalyan suggested that the size of the administrative penalty for unlicensed activities be set at 50 thousand drams, explaining it by the need to preserve the principle of proportionality.

However, his proposal was opposed by the chairman of the Central Bank Arthur Javadyan, who said the proposed amount is much lower of what unlicensed companies earn for the provision of a single service.
‘I do not consider the penalty to the tune of 50 thousand drams acceptable even as a preventive measure,’ he said. ($1 – AMD 485.91). –0-

spot_img

POPULAR

Central Bank of Armenia explained in what cases it intervenes in the foreign exchange market

The Central Bank of Armenia intervenes in the foreign exchange market when the market becomes one-sided, stated Central Bank Chairman Martin Galstyan.

Yerevan’s budget revenues exceeded targets by 9.7% for the first five months

As of May 31, 2026, Yerevan's budget revenues totaled 40.3 billion drams, compared to the planned 36.4 billion drams for January-May, reported David Hakobyan, Acting Head of the Revenue Accounting and Collection Department at the Yerevan City Hall.

Armenia to Raise Dividend Tax on Banks Starting in 2027

At its session on Thursday, the National Assembly of Armenia adopted amendments to the Tax Code and the RA Law "On State Duty" in the first reading.

Euro fell 4.82 points against the Armenian dram: Central Bank of Armenia

The average market exchange rate for the US dollar to the Armenian dram, formed on the Armenian foreign exchange market as of June 18, 2026, increased by 0.13 points compared to June 17, reaching 368.19 drams.

Armenian tomatoes will be exported to Europe

With the support of Acba Leasing, Prom Group purchased 20 brand-new Volvo trucks, which will be used to export high-quality Armenian tomatoes to Europe as early as July of this year.

LATEST NEWS

spot_imgspot_imgspot_img