Central Bank of Armenia has not imposed centralized restrictions on accepting cash Russian rubles

The Central Bank of Armenia has not imposed centralized restrictions on accepting cash Russian rubles.

According to the regulator, banks independently determine the terms of service provision, including for cash deposits, based on current regulations, their own risk assessments, and risk management policies.

Some banks have notified customers of changes to the terms for cash ruble transactions. For example, Inecobank temporarily suspended cash deposit services for Russian rubles starting July 7. Ameriabank, for its part, introduced a 5% fee for depositing cash Russian rubles into current accounts, while setting the withdrawal fee at 0%.

The changes are related to a surplus of cash Russian currency, which is difficult to use in settlements and costly to service.