Armenia - Banking SystemsArmenia - Banking
Armenia’s economy is still largely cash-based. Most retail transactions are in cash but credit cards are increasingly accepted. The large role of remittances and reliance on foreign partners has increased the significance of bank transfers. The use of debit and credit cards is increasing as the network of Automatic Tellers (ATMs) and point-of-sale (POS) terminals expands. Armenian banks provide a range of standard banking services, including bank transfers, lending programs, corporate deposit accounts, plastic card operations, trade finance (including LOC, collections and guarantees) as well as trust operations, dealer/broker transactions and others.
The banking system is currently undergoing significant consolidation and restructuring as the Central Bank of Armenia increased equity capital requirement for banks from 5 to 30 billion AMD or 72.1 million USD. Banks have already increased their capital and few banking mergers took place.
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