Mon, 30 June
26.1 C
Yerevan
USD: 384.32 RUB: 4.89 EUR: 450.23 GEL: 141.11 GBP: 527.56

Leasing procedures will be simplified in Armenia

YEREVAN, February 13. /ARKA/. Leasing procedures in Armenia will be simplified, and market volumes are expected to double, Deputy Economy Minister Avag Avanesyan said during a government meeting on Thursday.

The government made today a set of changes to a number of laws, aimed at simplifying the procedures for concluding leasing transactions.

“The changes regulate the leasing field and open up new opportunities for the development of this sector. As a result, we expect that after the changes are adopted the amount of leasing transactions will double,” Avanesyan said.

He said one of the changes stipulates the leasing agreement can be concluded by two parties. Under the current law they are to be signed by three parties .

According to him, this will allow to carry out so-called secondary leasing transactions, Thus, if earlier one could lease an agricultural machine and then return it, the bank could no longer re-lease that machine.

According to the deputy minister, leasing transaction will similar to providing a property-secured loan, which will also help reduce interest rates in the market.

The amendments also provide for the solution of such issues as payment of taxes, VAT, penalties for violation of traffic rules, depreciation expenses and a number of other issues, which will increase the attractiveness of leasing. –0–

spot_img

POPULAR

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

Central Bank of Armenia considering introducing long-term mechanisms for insurance against fraud

The Central Bank of Armenia is considering the possibility of introducing mechanisms for insurance against fraud.

Armenian banks  in 2024 increased profit by 61% to 363 billion drams – UBA

Armenia-based banks made a profit of 363 billion drams in 2024, an increase of about 137 billion drams, or 61%, compared to 2023,  Daniel Azatyan, the head of the Union of Banks of Armenia (UBA) told a press conference today.

Central Bank invalidated banking license of Ardshininvestbank due to its merger with Ardshinbank

The Board of the Central Bank of Armenia has revoked the banking license of Ardshininvestbank CJSC (formerly HSBC Bank Armenia CJSC) following its merger with Ardshinbank CJSC.

ACBA Bank summarizes the results of 2024 (video)

ACBA Bank summarized the results of 2024 and defined the future directions of the bank's development at the annual general meeting of shareholders, ACBA said in a press release today.

LATEST NEWS

spot_imgspot_imgspot_img