Regulation needed for currency exchange offices – head of central bank of Armenia

Regulation needed for currency exchange offices – head of central bank of Armenia

YEREVAN, May 20. /ARKA/. Operations at currency exchange offices needs to be regulated, head of the Central Bank of Armenia Artur Javadyan said at the parliament on Monday.

Javadyan said sufficient transparency is provided not in all currency exchange offices

Over the last years the Central Bank tried to tighten requirements toward these offices and their licensing for two reasons: first, there are too many of them in a small economy like the Armenian, and the second, commercial banks exchange currency in more civilized and transparent way, Javadyan said.

Every year several dozens of currency exchange offices close down in Armenia in recent years. Many of them provide services to the ‘shadow’ economy rather than to the population, the head of the Central Bank said.

‘Of course, not all of them are like this, and I do not want businesses to close , but, for instance, our security staff revealed a case when two men with no registration dealt with quite big sums behind an iron door of a currency exchange office. This kind of offices should be closed down, no doubt about it’, Javadyan said. –0—

11:07 20.05.2014

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