Many Armenian banks are tightening conditions for depositing cash Russian rubles, significantly increasing fees:
For example, «Inecobank» has completely stopped accepting cash Russian rubles from today, announcing that from mid-July it will withhold 10 percent of the amount for cash ruble deposits. Similar notifications about the introduction of a 10 percent fee have also been received by customers of «Aidibank», «Araratbank», and «Ardshinbank».
In «Conversebank», according to the information provided by the call center, the fee is currently 5 percent, while in «Hayekonom» it is 2 percent, but starting next week both banks will also charge 10 percent for cash ruble deposits.
In «Ameriabank», the fee is 5 percent, where they noted that when depositing cash rubles, it is mandatory to specify the source of income. For comparison, depositing cash dollars and euros in the same «Ameriabank» is free.
The Central Bank, in response to our inquiry, stated that there is no decision or directive regarding fees, and banks independently determine what conditions to set for each transaction.
“Banks, based on current regulations, their own risk assessments, and risk management policies, independently decide to establish business relationships with clients and the conditions for providing certain services, including the conditions for depositing funds,” the Central Bank reports.
It is noteworthy that Armenian banks have not only set high fees for cash ruble deposits but have also established significant differences between conditions for cash purchases and sales.
Director of the Armenian Analytical Center for Socio-Economic Studies Haykaz Fanyan also noted this trend.
“In our banks, the supply of Russian rubles is usually greater than the demand,” Fanyan says.
The Central Bank of Russia recently confirmed that Russians have started to withdraw more cash inside the country.
