Cashless Transactions Exceeding 300,000 AMD to Be Implemented in Armenia

The National Assembly has adopted, in the second reading, a draft law presented by the government that aims to expand the scope of cashless transactions. The package of proposals received 66 votes in favor, 28 against, and 5 abstentions during the voting.

The draft stipulates that payments and receipts exceeding 300,000 AMD between individuals within the territory of the Republic of Armenia will be conducted exclusively in a cashless manner. Starting from July 1, 2022, loans exceeding 80,000 AMD issued by pawnshops will also be provided solely through cashless means, with this threshold decreasing annually until it reaches 20,000 AMD on January 1, 2024.

Furthermore, loans and borrowings provided by banks, credit organizations, and individuals authorized under a license will also only be granted in a cashless format.