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LAW OF THE REPUBLIC OF ARMENIA

of December 21, 2004 No. ZR-135

About currency control and currency exchange control

(The last edition from 13-11-2017)

Accepted by National Assembly of the Republic of Armenia on November 24, 2004

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

This Law establishes procedure and conditions of the conclusion of currency transactions, cases, procedure and conditions of the order, ownership and use of currency values in the Republic of Armenia, and also governs other relations connected with currency control and control in the Republic of Armenia.

Article 2. Legal regulation of currency transactions and activities of persons performing currency transactions

Currency transactions, activities of persons performing currency transactions, and also other relations connected with currency control and control in the Republic of Armenia are regulated by this Law, the Civil code of the Republic of Armenia, the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia", other laws of the Republic of Armenia, international treaties of the Republic of Armenia, and in the cases provided by the law - other legal acts.

Article 3. The basic concepts used in the Law

In sense of this Law and in sense of other legal acts adopted based on this Law:

1) the property types which are considered as currency values are:

a) currency of the Republic of Armenia - dramas of the Republic of Armenia,

b) the payment securities expressed in currency of the Republic of Armenia

c) foreign currency,

d) the payment securities expressed in foreign currency

e) bank gold,

e) the rights and obligations following from the currency values specified in this part having monetary value;

2) currency of the Republic of Armenia are:

a) the legal means of payment of the Republic of Armenia which are in circulation, and also withdrawn or withdrawn from circulation, but subject to exchange in the form of the banknotes and coins (including commemorative coins) issued by the Central bank of the Republic of Armenia (further - the Central bank),

b) the means expressed in dramas of the Republic of Armenia, which are available on bank accounts and deposits in the banks of the Republic of Armenia, their branches which are outside the Republic of Armenia

c) the means expressed in dramas of the Republic of Armenia, which are available based on the usage agreement of currency of the Republic of Armenia as the legal means of payment signed by the Government of the Republic of Armenia and the Central bank with relevant organs of foreign state on accounts in the banks and other financial credit institutions which are in the territory of this state

d) No. ZR-39 voided according to the Law of the Republic of Armenia of 16.01.2007

3) foreign currency is:

a) the banknotes and coins which are legal means of payment being in circulation in the territory of one or several foreign states, and also withdrawn or withdrawn from circulation, but subject to exchange

b) the means which are on bank accounts and deposits expressed in monetary units of foreign states and (or) the international monetary units;

4) bank gold - the gold bullions made by the affinaging organizations which are members of the London Association of the Market of precious metals which have the individual certificate, on which are put down brand of the affinaging organization, the weight, test and the future serial number. The mass of bank gold bars constitutes from 350 to 450 troy ounces (from 10886 g to 13996 g), with gold content not below 99,50, and production is in addition dated them;

5) residents are:

a) physical persons (except for individual entrepreneurs) which were in the Republic of Armenia 183 days and more during any twelve-monthly period of time which is beginning or coming to an end from January 1 to December 31 inclusive or the center of vital interests of which is in the Republic of Armenia, and also the physical persons working in state bodies and local government bodies in the Republic of Armenia temporarily working outside the Republic of Armenia

b) the organizations created (which received state registration, enlisted) in the Republic of Armenia, and the individual entrepreneurs who received registration in the Republic of Armenia

c) embassies, consular establishments, troops of the Republic of Armenia in foreign states,

d) permanent missions of the Republic of Armenia in the international organizations,

e) the branches and representations of the residents specified in the subitem "b" of this Item which are outside the Republic of Armenia

e) the heads having citizenship of the Republic of Armenia, other employees of the residents specified in subitems "v" and "g" and members of their families;

6) nonresidents are:

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