Armenia’s Central Bank to Open Branch in Karabakh

YEREVAN (Armenpress)–Central bank governor Tigran Sarkisian announced Thursday that plans were underway to open a branch in Shoushi, the Nagorno-Karabakh Republic. He said as the Dram is being used in the Nagorno-Karabakh Republic as its sole legal and official currency, the Armenian government and the Central bank have decided to build an independent banking structure in Karabakh to store part of the reserves to reduce collection expenses and to ensure security. According to a Central bank study, every person arriving in Armenia brings with them on average $8,700. If applied to 450,000 people who arrive in Armenia annually it will appears that about $3.5 billion in cash was brought Armenia country in 12 months. Central bank governor Tigran Sarkisian cited these figures as one of the reasons behind a dramatic decline of the US dollar over the Armenian dram. He said based on some other studies in the financial market the balance between export and import of US dollars was up $400 million. However, Sarkisian admitted that the studies of the Central bank were insufficient to offer a complete picture of how things stand on the local financial market, particularly, of the exact amount of US dollars brought in and taken out in cash since the law does not set a limit on the amount of dollars a person can bring in or take out of Armenia. He said this liberal legislation must be reviewed in order to conform it to international standards. He suggested that a limit of $10,000 be established for free export and import of cash in US dollars.

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