We inform you that in 2020 On September 28, the President of the Republic of Armenia Armen Sargsyan signed the Law of the Republic of Armenia “On Making Amendments to the Law on Guaranteeing the Compensation of Bank Deposits of Individuals”, which sets the following limits for guaranteed deposits:

a) if a depositor has only a dram denominated bank deposit with the insolvent bank, the guaranteed deposit amount of sixteen million AMD AM to .

b) if the depositor has only a foreign currency bank deposit in an insolvent bank, the amount of the guaranteed deposit is seven million AMD .

c) if the depositor has dram-foreign currency bank deposits in an insolvent bank, the amount of dram-bank deposit is more than seven million Armenian drams, then only the dram deposit is guaranteed up to sixteen million Armenian drams;

d) if the depositor has dram-foreign currency bank deposits in an insolvent bank, the amount of his dram-bank deposit is less than 7 million AMD, then the full dram-foreign currency bank deposit is guaranteed in the amount of the difference between the compensated AMD 7 million AMD bank deposit.

 These limits will take effect on December 1, 2020 and will apply to deposit agreements in force at the time of entry into force.