LAW OF THE REPUBLIC OF ARMENIA

of January 16, 2007 No. ZR-37

About entering of amendments into the Law of the Republic of Armenia "About budget system of the Republic of Armenia"

Accepted by National Assembly of the Republic of Armenia on December 25, 2006

Article 1. In article 15.1 of the Law of the Republic of Armenia "About budget system of the Republic of Armenia" (of June 24, 1997, ZR-137):

a) add Item 1 with the new paragraph of the following content:

"The government and the Central bank in the program of medium-term expenses periodically jointly establish the predicted increase in prices level.";

b) the subitem "v" of Item 2 after the word "macroeconomic" to add with words of "increase in prices".

Article 2. In article 16 of the Law:

a) the subitem "B. 1" Item 2 after the word "macroeconomic" to add with words of "increase in prices";

b) add Item 3 with the new paragraph of the following content:

"As rate for calculation of currency entrances and expenses of the government budget the average rate the drama of the Republic of Armenia concerning the corresponding currencies created in the foreign exchange market of the Republic of Armenia for the day preceding day of submission of the draft of the government budget to the government is established.";

c) add Item 5 of the following content:

"5. The law on the government budget to the Central bank offers every year the sliding increase in prices reference point, that is: the target objective of increase in prices and the admissible size of their variations, for decision making within year. In case of acceptance within year of decisions concerning monetary policy the Central bank is guided by logic of achievement of the target objective of increase in prices for 12-month term, subsequent to day of decision making.".

Article 3. To add Item 2 of article 21 of the Law after the word of "questions" with the words "including mid-term forecasts of increase in prices from the Central bank of the Republic of Armenia".

Article 4. This law becomes effective since January 1, 2008.

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