Nonresidents to receive no deposit insurance preferences in Armenia

09.09.2019 20:20
Nonresidents to receive no deposit insurance preferences in Armenia

YEREVAN, September 9. /ARKA/. The National Assembly of Armenia declined Monday a motion to include the amendments proposed to the law on compensations for individual depositors into the autumn sessions' agenda.

Mane Tandilyan, a member of Bright Armenia faction, presenting the bill, said that it proposed to increase deposit guarantees for nonresident depositors.

"The problem is that unlike Armenia's residents, nonresidents very often live abroad and they can react immediately to changes in the financial system. In this connection, it becomes necessary to provide additional deposit protection guarantees to them," Tandilyan said.

Tandilyan thinks that additional guarantees for nonresidents would spur outside investments. She stressed that deposits are investments as well, but they are passive investments, though they impact the economy development and therefore need promotion.

The MP said that application of a diversified approach has been pointed out during discussions in parliamentary special committees.

"I would like to say that Armenia already applies such diversified approaches when provides preferences to various companies, foreign investors and in other cases," she said. Despite her speech, the bill was not included in the agenda.

The maximum amount of the insured deposit in Armenian drams is AMD 10 million, and that in foreign currencies - AMD 5 million. ($1 – AMD 476.55). -0---

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