1 / 5

The deputies Artak Manukyan and Babken Tunyan propose to amend the law on Attraction of Bank Deposits. The goal is to prevent the protection and violations of the consumers’ interests.

It is designed to make stricter the amounts of fines established for violating the regulations envisaged for the implementation of the consumers’ crediting or deposit attraction function. The Central Bank will levy the fine from the law-violating bank for the favour of the state budget.

Some MPs considered unfair the levying in favour of the state budget, proposing to pass a part of the fine to the consumer. In Sergey Bagratyan’s opinion, the amendments under proposal will not give anything to the consumer, and there is a danger of the credit interest rates rise. He proposed the MPs to remove the package from the circulation.

At February 5 regular sitting of the NA Standing Committee on Financial-Credit and Budgetary Affairs, the Deputy Chairman of the Central Bank Nerses Yeritsyan noted that after passing the debated draft law, it would enter into force from July 1 of the current year.