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LAW OF THE REPUBLIC OF ARMENIA

of December 21, 2004 No. ZR-135

About currency control and currency exchange control

(as amended on 03-07-2019)

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a) the legal means of payment of the Republic of Armenia which are in circulation, and also withdrawn or withdrawn from circulation, but subject to exchange in the form of the banknotes and coins (including commemorative coins) issued by the Central bank of the Republic of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) ceased to be valid according to the Law of the Republic of Armenia of 16.01.2007 No. ZR-39

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:

a) the physical persons including which are in public service of foreign state physical persons not considered by residents, temporarily working in the Republic of Armenia

b) the organizations and their branches and representations created in foreign state

c) embassies, consular establishments of foreign states, army and the international organizations, and also their heads, other employees and members of their families who are in the territory of the Republic of Armenia, not having citizenship of the Republic of Armenia

d) branches and representations of the nonresidents specified in the subitem "b" of this Item which are in the Republic of Armenia,

e) other persons which are not residents and are not specified in subitems of "a"-"g" of this Item;

7) the center of vital interests - the place where family or economic interests of person are concentrated. The place where there is apartment house (apartment) of person in which person or his family lives is considered family or economic interest and there are his (families) personal or main family property, or the place of implementation of economic (professional) activity;

8) currency transactions are transactions which are connected:

a) with assignment of rights of property on currency values and other property rights, and also use as means of payment of payment documents in foreign currency,

b) with use as means of payment of foreign currency, and also currency of the Republic of Armenia when implementing foreign economic activity,

c) with transfer, import and transfer of currency values from foreign states on the territory of the Republic of Armenia, with their translation, export and transfer from the territory of the Republic of Armenia;

9) the transactions or payments made between the resident and the nonresident, irrespective of their total size are considered as the current currency transactions (except as specified, specified in the subitem "v" of this Item) are:

a) the payments made for alienation of goods (property), works, use of property, rendering services, and also provision of short-term loans and loans

b) the interests paid for the credits and loans, both the dividends and other payments paid for other investments

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