Thursday, November 14 2019 12:56
Naira Badalian

Armenia plans to cancel cash operations 

Armenia plans to cancel cash operations 

ArmInfo.The Armenian government does not intend to pursue a policy of gradual reduction of cash turnover in the economy, in the future - to completely switch to  cashless payments. This was stated by Prime Minister Nikol Pashinyan  on November 14 at a government meeting.According to the prime  minister, today it can be stated that even bank cards existing on the  market lose their relevance. 

As Pashinyan pointed out, the modern world is moving in the direction  of linking a bank card to a cell phone. "I was told the story that in  the world today there are countries where even people asking for alms  on the street do without cash circulation. They have an appropriate  device that scans a QR code and people who give alms simply bring the  phone to the device. I'm saying all this not for the fact that we  should provide people asking for alms on the street with modern  devices, but for understanding where the modern world is moving, "he  stressed.Thus, according to the Prime Minister, Armenia should follow  the path of reducing cash turnover, with a full transition to  "cashless" in the future. "This is also important from the point of  view of the fight against corruption, as it will ensure the maximum  level of traceability of money circulation," the head of the Armenian  government concluded. 

David Ananyan recalled that by the decision of the government of May  2018, the CRS market was liberalized. At that time, about 4 thousand  applications for new vehicles were registered with about 14.5  thousand CCA in SNCO "Office for the implementation of cash  registers". But the demand significantly exceeded expectations for a  number of reasons: the use of the new generation of CRs has become  mandatory since January 1, 2019, many business entities have come out  of the "shadow". In addition, the legislator decided that SNCOs are  authorized de jure from November 1 to serve, while free of charge,  only business entities operating in border regions. Today, the  Office's warehouse has about 100-110 new devices with a demand of  more than 10 thousand spacecraft, he said.After the start of the  liberalization of the CR market, which de facto started in October  2018, a number of organizations took certain steps towards importing  new vehicles. At the same time, as the chief tax specialist pointed  out, there is a technical problem that needs to be addressed if there  is a desire to provide importers with access to the CRS market.As the  head of the QGD explained, today the legislator requires that the new  generation of CRs have the function of a POS terminal. To implement  this function, in turn, there is a need to coordinate work with  banking institutions, which will take a long time. As a result, QGD  suggests, while providing all the other requirements for the device,  to give the green light to its implementation with the condition of  activating the function of the POS terminal over the next 6 months.  "By doing this we will allow the economic entities involved in the  process to import devices as quickly as possible," Ananyan said.

There was a shortage of CRs on the market, since the use of a new  generation of CRs became mandatory from January 1, 2019. Earlier, the  Armenian government has repeatedly extended the terms for their  implementation - initially until January 1, 2016, and then - until  the beginning of 2017 and 2018. In February 2019, the government  announced that it would subsidize the difference between the cost of  new cash registers (CRS) equal to 158 thousand drams and its selling  price of 60 thousand drams, spending about $ 5 million on these  purposes. This, as announced, concerned 25 thousand tax agents for  whom the availability of new generation cash registers became  mandatory as of January 1, 2019 and which, due to lack of funds,  cannot afford it. Already on May 10, the head of the SRC announced  that due to the lack of a new generation of CRs, they will be given  in order of priority to those taxpayers who have just registered and  do not have CRs at all. Then, the SRC informed that the SNCO "Office  for the Implementation of Cash Registers" will be able to provide new  cash registers only to taxpayers engaged in actual activities in  border villages and free of charge. "I officially declare that today  we need 10-11 thousand new generation CRs.  We have so far refrained  from purchasing and have announced an open tender for the procurement  of these CRs," the chief tax official said.In this regard, the SRC of  Armenia decided not to fine small and medium- sized businesses that  applied for new cash registers (CR), but were unable to purchase due  to their absence. 

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Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000

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