Mon, 25 August
35.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Apartment property management comapnies in Armenia must have separate bank accounts

YEREVAN, November 22. /ARKA/. Apartment property management comapnies in Armenia must have separate bank accounts to collect mandatory and other payments from apartment owners in non-cash form, the country’s Urban Development Committee said.

Otherwise, an administrative fine is stipulated, the Committee said in a press release.

“The fine for the first time failure to meet this requirement is ten minimum wages. If the failure is not eliminated within a month, the fine for each violation will be doubled,”  said the Committee.

This requirement stems from a set of new amendments to the Code of Administrative Offences, which will enter into force on November 24 this year, as well as from amendments to the laws On management of apartment buildings and On Condominiums, adopted in 2020.

The amendments aim at improving the level of apartment buildings management, ensuring transparency and accountability, prompt spending of collected funds, as well as formation of the Reserve Fund.-0-

spot_img

POPULAR

Armenia registered an inflation rate of 3.4% in July.

According to the National Statistical Committee (NSC) of Armenia, 12-month inflation in the consumer market amounted to 3.4% in July of this year.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

Unibank Issued Preferred Shares with a Fixed Annual Dividend of 12%

Unibank announces a new issue of Class “G” convertible preferred shares, offering investors a fixed annual dividend of 12%. The total issue volume amounts to AMD 1.5 billion.

LATEST NEWS

spot_imgspot_imgspot_img