Torosyan Refutes Claims of Cash Withdrawal Ban for Benefits and Pensions in Armenia Starting 2026

YEREVAN, December 17. /ARKA/. Armenian Minister of Labor and Social Affairs Arsen Torosyan denied rumors that welfare recipients and pensioners will be prohibited from withdrawing cash starting January 1, 2026, calling them a “blatant lie.”

He emphasized that while cash withdrawals are allowed, they are not recommended, as opting for non-cash transactions can yield cashback, effectively boosting benefits and pensions by 20%, capped at 10,000 drams.

“Thus, receiving and utilizing pensions and benefits in a non-cash manner is advantageous,” the minister remarked.

He reminded that starting April 1, 2026, all pensions and benefits will be disbursed to pensioners and benefit recipients solely via bank transfer, highlighting that 600,000 Armenian citizens are already receiving their benefits and pensions this way.

“I encourage the remaining approximately 58,000 citizens to also transition to this payment method independently, without waiting for April 1, as it is beneficial,” Torosyan stated.

The cashback initiative for pensioners and benefit recipients in Armenia has been operational since July 1, 2022. Initially, they were granted a 10% cashback on their monthly expenditures (up to a maximum of 5,000 drams per month); subsequently, the cashback rate was raised to 12% (up to a maximum of 6,000 drams). The cashback amount is disbursed by the 25th of the following month.

On September 25, 2025, the Armenian government allocated nearly 3.22 billion drams to sustain the cashback program for pensioners and benefit recipients until the year’s end.-0-

spot_img

POPULAR

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (July 20–26)

Armenia's financial agenda last week was determined by the banking sector's first-half results, changes in the money transfer sector, and exchange rate dynamics.

Armenian banks’ loan portfolio exceeded AMD 8.56 trillion in the second quarter, representing a 23.56% year-on-year increase

The total loan portfolio of Armenian banks as of June 30, 2026, exceeded AMD 8.56 trillion, representing a 23.56% increase compared to June 30, 2025, and a 6.8% increase compared to March 31, 2026.

Euro and dollar exchange rates against the Armenian dram continued to decline, while the ruble rose slightly: Central Bank

The average market exchange rate for the US dollar against the Armenian dram on July 24, 2026, fell by 0.08 points compared to July 23, to 365.87 drams.

Moody’s Affirms Armenia’s Rating at Ba3 and Improves Outlook to Positive

The international rating agency Moody's Ratings has revised the outlook on Armenia's sovereign rating from stable to positive, affirming its long-term issuer ratings in both local and foreign currencies at Ba3.

World Bank does not see significant risks in Armenia’s public debt rising to 50% of GDP

Armenia's public debt could increase to approximately 50% of GDP by the end of 2026, but the World Bank does not view this level as a significant threat to the country's macroeconomic stability, said Armine Manukyan, Senior Economist at the World Bank.

LATEST NEWS

spot_imgspot_imgspot_img