I Agree with the Policy of Retaining Cash Withdrawals of Dollars and Euros: Kerobyan

Armenian companies should adopt a policy of abandoning cash transactions, as cash-based businesses are inherently less transparent. This was stated by Minister of Economy Vahan Kerobyan in a conversation with journalists following a government meeting, addressing the Central Bank's decision to impose a three percent retention fee when cashing dollars and euros.

“I agree with the retention policy for cashing dollars and euros, as Armenia needs to begin applying civilized business practices more extensively. However, this does not mean that I fully agree with all measures; we are in constant discussions with our partners at the Central Bank,” said Kerobyan.

He noted that this transition will be challenging, but it is necessary, as failing to do so would leave us with poorly managed and low-productivity companies. Kerobyan concluded by stating that he believes we will eventually end the era of cash transactions.

It is noteworthy that recently, residents of Armenia have been receiving text messages from banks, announcing that a 3% service fee will now be charged for currency cash withdrawals. Additionally, some banks inform customers that this is a 'temporary' and 'mandatory' measure necessitated by a crisis situation. This policy has been developed by the Central Bank.