Transactions Exceeding 300,000 Dram to Be Conducted Cashless

The National Assembly's Standing Committee on Financial and Budgetary Affairs gave a positive conclusion to the amendments to the law on "Cashless Transactions" discussed in the second reading. It is noteworthy that the government proposes to regulate financial transactions exceeding 300,000 dram conducted by individual entrepreneurs and organizations within the country, allowing them to be carried out only in cashless form.

If the changes adopted in the first reading were set to take effect this January, the second reading suggests postponing the implementation of the amendments until July 1, 2022. Committee Chairman Gevorg Papoyan proposed that as of July 1, 2022, pawnshops provide loans to citizens exclusively in cashless form for amounts up to 80,000 dram, and from January 1, 2023, for loans exceeding 50,000 dram, while starting January 1, 2024, for loans over 20,000 dram. The draft has received a positive conclusion from the committee.