YEREVAN, June 2. /ARKA/. Reducing cash transactions is one of the important directions of the Armenian government’s reform agenda, Prime Minister Nikol Pashinyan said during a government session on Thursday.
He said starting July 1, it will be impossible to buy and sell apartments and vehicles for cash.
‘All transactions must be non-cash, otherwise they can be invalidated. We want to simplify people’s lives, to ensure the fiscal and anti-corruption effects. This is the first or second step in this direction, the work is not over,” Pashinyan said.
On January 18 this year, Armenian parliament passed a law on non-cash payments and a number of related laws, introducing a threshold of 300 thousand drams for cash transactions by individuals.
The Prime Minister said today that reducing the use of cash the money will be left at the disposal of banks, which will give additional opportunities to finance the economy.
He reminded that online casino betting with cash is also prohibited. On May 25 the National Assembly of Armenia approved a bill that calls for restricting gamblers’ chances to top up their accounts. There are now three ways for gamblers to make bets: with cash, with e-money and non-cash through bank accounts or payment cards. After the bill signed into law it will immediately ban betting with cash; in another 6 months it will ban bets via electronic money and only the non-cash method will remain.
Also, from July 1, all kinds of medical services in Yerevan are to be paid for by cashless method. Deputy Prime Minister Mher Grigoryan added today that the transition to cashless payments is of great importance for interest rates as it stimulates affordable lending, both consumer and mortgage. ($1 = AMD 445.64). -0-
