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Seda Ghukasyan

Armenia: Review of Bank Secrecy Law Bill Delayed in Committee

The Armenian National Assembly’s Standing Committee on Financial-Credit and Budgetary Affairs is reviewing a bill that would, if approved, no longer obligate the Central Bank to publish the names of borrowers not in good standing.

The bill would amend several clauses of the current Law on Bank Secrecy. This is the bill's second reading before the committee.

According to current law, the Central Bank is required to publish the names and names of non-bank debtors with large liabilities (s) to banks and / or individual banks every quarter.

Prior to discussing the bill, the Central Bank VP Nerses Yeritsyan asked for a postponement, saying that they are now conducting analyzes to make their arguments more substantive.

A debtor who has violated the terms of 180 days or more for the fulfillment of the obligations under the contract shall be considered “no longer in god standing”.

Armenia’s Central Bank, however, has not complied with the law for many years.

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