From July 1, Transactions Exceeding 300,000 Dram Will Be Exclusively Cashless

Starting July 1, 2022, all transactions between individuals exceeding 300,000 dram will be conducted exclusively through cashless means. The government has approved this initiative.

Cashless transactions will also apply to all transactions conducted by individual entrepreneurs, notaries, lawyers, and organizations when at least one party is an individual.

The Prime Minister stated that the main goal of this law is to reduce cash circulation, adding that from July 1, 2022, the purchase and sale of apartments and cars will no longer be possible in cash.

“There will be a provision stating that if, for any reason, a cash transaction occurs and there is no cashless transfer, that transaction will be deemed void,” mentioned Nikol Pashinyan.

Minister of Labor and Social Affairs Narek Mkrtchyan also noted that a decision has already been made to grant pensioners a 10 percent refund for cashless payments made through pension cards. According to him, three banks have already joined the program, and out of approximately 560,000 pensioners, 390,000 are already receiving their pensions via bank cards.

Minister of Health Anahit Avanesyan highlighted that reducing the shadow economy will also be significantly aided by the fact that from July 1, citizens in Yerevan’s medical centers will pay exclusively through cashless methods for any services.