Armenia to limit cash payments: transactions exceeding 300,000 should be made electronically

The Armenian National Assembly voted 66 to 28 with 5 abstentions today to approve the package of the Law on non-cash payments and related laws drafted by the Government.

Under new changes, from January 1, 2023, all transactions between physical entities exceeding 300,000 in the territory of Armenia must be made electronically.

Furthermore, from June 1, 2022 the loans over 80,000 provided by pawnshops should be non-cash. This threshold will decrease year by year, reaching 30 thousand drams by January 1, 2024.

Loans by banks and credit organizations shall also be issued exclusively electronically.

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