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CBA Proposes Declaring Foreign Currency Brought Into Armenia

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  • CBA Proposes Declaring Foreign Currency Brought Into Armenia

    CBA PROPOSES DECLARING FOREIGN CURRENCY BROUGHT INTO ARMENIA

    Noyan Tapan
    Nov 01 2006

    YEREVAN, NOVEMBER 1, NOYAN TAPAN. It is envisaged to require that
    citizens make a declaration in case of bringing more than 10 thousand
    dollars into Armenia. Chairman of the Central Bank of Armenia (CBA)
    Tigran Sargsian said during the discussion of the 2007 draft state
    budget in the RA NA standing committees on November 1 that the
    introduction of this declaration system will allow to calculate the
    amount of foreign currency flow into Armenia. According to him, the
    surveys conducted by the CBA at Armenian airports and customs points
    show that this year cash of more than 3 billion USD has flown into
    Armenia with about 450 thousand tourists. Surveys were also conducted
    to calculate the cash brought out of the country, as a result of
    which the positive balance made about 450 million USD. In the opinion
    of T. Sargsian, this amount may be much greater, as large amounts of
    cash brought into Armenia are not declared and those surveyed do not
    give exact information about it. The CBA Chairman said that inflow
    of large amounts cannot but affect the price of foreign currency on
    the domestic market.
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