Armenia parliament approves higher deposit guarantee scheme

Armenpress 10:45, 16 September, 2020

YEREVAN, SEPTEMBER 16, ARMENPRESS. The Armenian Parliament adopted a bill authored by opposition Prosperous Armenia (BHK) lawmaker Michael Melkumyan on introducing higher deposit guarantee scheme (DGS). The law will increase the volume of bank deposits subject to guaranteed return.

The bill passed with near unanimous 117 votes.

If depositors have only a AMD bank deposit the DGS volume is set at 16,000,000 instead of 10,000,000 drams. The volume is set 7,000,000 instead of 5,000,000 drams for foreign currency deposits.

Reporting by Anna Grigoryan; Editing and Translating by Stepan Kocharyan


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