Includes special features of this country’s banking system and rules/laws that might impact U.S. business.

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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Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.