What do We Oversee
The scope of oversight of Central Bank of Armenia are systemically and prominently important payment and settlement systems, depending on the degree of their impact on the stability of the financial system.
Regulation 18 “On Granting Permission for the Establishment and Operation of Armenian Payment and Settlement Systems” establishes the criteria for classifying Armenian payment and settlement systems as prominently or systemically important.
According to the Regulation 18 and The Concept of the Central Bank of the Republic of Armenia for the Implementation of Oversight over Payment and Securities Settlement Systems, the payment and settlement systems that are currently considered systemically important in Armenia are:
- the Electronic Payment System of the Central Bank of Armenia,
- the Government Securities Accounting and Settlement System of the Central Bank of Armenia,
- the Unified Securities Accounting and Settlement System of the Central Depository of Armenia.
Moreover, according to the same document, the prominently important system operating in the Republic of Armenia is ArCa Unified Card Payment System.
Foreign payment and settlement systems operating in the Republic of Armenia are also in the scope of oversight, the elements of which are defined by the The Concept of the Central Bank of the Republic of Armenia for the Implementation of Oversight over Payment and Securities Settlement Systems.
Additionally, in furtherance of the goal of strengthening public confidence in non-cash payments, the Central Bank of Armenia considers the oversight of payment instruments/schemes; however, this is limited to monitoring, with oversight priority being given to systems.