2024-03-13 21:14:38
NA Vice President Hakob Arshakyan said today at the discussion of the 2023 state budget draft that they receive quite serious complaints from both business and the public regarding commissions in the banking sector.
“Aren’t these money taken from the economy that should have been invested in the economy? This year, up to 3 percent of transfers were collected by banks,” Hakob Arshakyan announced.
The President of the Central Bank, Martin Galastyan, said that in the current geopolitical situation, it should be understood that the economy of Armenia or the banking system of Armenia serves not only residents, but also non-residents.
“For example, about 90 percent of the profit of the RA banking system is not related to the profit formed as a result of the difference in credit products, but related services, whose consumers are about 90 percent non-residents. In other words, if we do completely free and open operations of capital, as it is done, and there are countries where there are restrictions, we may face a situation where the banking system of Armenia will become a service provider or an affiliate of the economies of those countries, which for us it is extremely undesirable”, stated the President of the Central Bank.
According to Martin Galstyan, there is no tariff in case of cash withdrawal in national currency.
“The tariff applies to foreign currencies to which the banking system of Armenia has a problem of access, that is, as of now, the US authorities are conducting a policy that limits the circulation of cash in their currency in the world, including in Armenia, and the provision of such services is becoming more and more expensive. If at one time our banks were able to bring foreign currency in cash from foreign partners by 0.1 or 0.2 percent, now, as a result of the restrictions, the amount charged to the imported money has increased, and the conditions under which cash is provided have been extremely tightened,” explained the Central the president of the bank.
He emphasized that the trajectory that Armenia has in terms of non-cash is correct and should be maintained.