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THE 'PLEASURE' OF TRADING WITH AMD
By Gohar Gevorgian
AZG Armenian Daily #151, 26/08/2005
Home
The law on "Currency control" adopted by the National Assembly on
24 November last year went into effect on 29 June, 2005. It clearly
prescribes to make all payments for goods and services in Republic
of Armenia in national currency -- dram. The Central Bank of Armenia
reminds that the stores, hotels, fairies and enterprise offering
all kinds of services should mention dram as the only currency to
trade with. Otherwise, the State Tax Service can apply administrative
punishment -- warning for the first time and then fine.
Though the law "nationalized" buy and sell of most of the services,
there are still exceptions.
A notification on the window of a trading center informed that trade
is only in drams. As soon as I asked the price of a mobile phone,
it appeared to be in USD. A potential customer aware of the new law
will certainly come up to the counter with Armenian drams that he has
previously exchanged for USD but there he finds out that the phone
is available only in dollar. Now he has to pay more money in drams
for the phone, as the sellers set higher price counting 1 USD 470
AMD and not 465 as they should.
By Gohar Gevorgian
AZG Armenian Daily #151, 26/08/2005
Home
The law on "Currency control" adopted by the National Assembly on
24 November last year went into effect on 29 June, 2005. It clearly
prescribes to make all payments for goods and services in Republic
of Armenia in national currency -- dram. The Central Bank of Armenia
reminds that the stores, hotels, fairies and enterprise offering
all kinds of services should mention dram as the only currency to
trade with. Otherwise, the State Tax Service can apply administrative
punishment -- warning for the first time and then fine.
Though the law "nationalized" buy and sell of most of the services,
there are still exceptions.
A notification on the window of a trading center informed that trade
is only in drams. As soon as I asked the price of a mobile phone,
it appeared to be in USD. A potential customer aware of the new law
will certainly come up to the counter with Armenian drams that he has
previously exchanged for USD but there he finds out that the phone
is available only in dollar. Now he has to pay more money in drams
for the phone, as the sellers set higher price counting 1 USD 470
AMD and not 465 as they should.