|
Compliance Details javascript:commonShowModalDialog('{SiteUrl}/_layouts/itemexpiration.aspx?ID={ItemId}&List={ListId}', 'center:1;dialogHeight:500px;dialogWidth:500px;resizable:yes;status:no;location:no;menubar:no;help:no', function GotoPageAfterClose(pageid){if(pageid == 'hold') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+'/_layouts/hold.aspx?ID={ItemId}&List={ListId}'); return false;} if(pageid == 'audit') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+'/_layouts/Reporting.aspx?Category=Auditing&backtype=item&ID={ItemId}&List={ListId}'); return false;} if(pageid == 'config') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+'/_layouts/expirationconfig.aspx?ID={ItemId}&List={ListId}'); return false;}}, null); 0x0 0x1 ContentType 0x01 898
|
MONETARY POLICY
Foreign Exchange Policy
The foreign
exchange policy of the Central Bank is aimed at enhancing the reliability
and international credibility of the Armenian Dram and creating a legal and
economic framework for current account operations, flows of the Capital
Account and foreign investments, through an effective management of currency
reserves of the Republic of Armenia. To this end, an appropriate exchange
rate regime has been adopted, principles of the foreign currency operations
framework have been developed and a scope of legislative background has been
set.
Exchange
Rate Regime
The Central Bank
is conducting a freely floating exchange rate regime which is consistent
with the principles of liberalized capital account operations and
implementation of an independent monetary policy. The Central Bank's
intervention in the foreign exchange market is carried out based on the
goals of the monetary policy. The Central Bank publishes the Armenian Dram's
market based average exchange rates vis-à-vis foreign currency.
Description of the Foreign Exchange Regulation Framework
The foreign
exchange regulation framework determines procedure and terms of currency
transactions; cases of ownership, holding and use of currency values,
procedure and terms, and regulates other relations linked to currency
regulation and currency control in the Republic of Armenia.In the Republic
of Armenia, sales of goods/property and rendering services, wages and other
payments connected with labor relations, property appraisal and use should
be quoted in the Armenian currency.
In the Republic of
Armenia, the payments (including payments of interest on financial
operations) for sales of goods/property, rendering services and labor
remuneration, use of property, the right or privilege to be given in
exchange for compensations, insurance payments and insurance indemnities
between residents are made in the Armenian currency.
In the Republic of
Armenia, investments of money in statutory fund and equity of legal entities
should be made in the Armenian currency.
In the Republic of
Armenia, money prize and winnings should be advertised and delivered only in
the Armenian currency.
Both, the residents and non-residents can make
foreign exchange purchase and sale operations in the domestic currency
market, without any restrictions, with preferred and agreed rates, through
the parties licensed by the Central Bank, i.e. banks, credit organizations,
currency dealers, exchange offices and foreign banks' branches offices
operating in the Republic of Armenia, as well as through the Central Bank.
The operations of the payment system in Armenia and implementation of
foreign currency operations connected with the service of customers by the
banks are liberalized. The commercial banks, their branch offices and branch
offices of non-resident banks may service all types of internationally
accepted accounts. Similarly, residents may open internationally accepted
accounts with foreign banks.
Importing to and exporting from the Republic of Armenia of cash
currency, other currency values (except from coins made from precious
metals), treasury notes and traveler’s checks up to the equivalent of
$10 thousand are allowed without restriction. Imports of currency values
exceeding that amount from non-members of Eurasian economic union and
exports to non-members of Eurasian economic union must be declared to
the customs."
The Capital Account operations, i.e. direct and portfolio investments,
transfers of payment for property ownership and other rights, operations by
long-term (over 180 days) financial instruments, are also liberalized. The
Central Bank may, however, determine other terms and conditions for the
flows of the Capital and Financial Account transactions on a purpose to
maintain financial system stability, combat money laundering and
terrorism financing, improvement of statistics and economic risks
management.
The IMF Membership
The Republic of Armenia joined the IMF in April 28, 1992 by adopting the
obligations under sections 1, 3, and 4 of Article VIII of the Agreement,
whereby Armenia assures the international community that it will conduct a
reliable economic policy supporting the development of a multilateral
payments system, free of restrictions.
Currency Legislation and Regulatory Acts
|
|
|