LAW OF THE REPUBLIC OF ARMENIA

of January 16, 2007 No. ZR-36

About modification and amendments in the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia"

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

Article 1. Part one of article 4 of the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia" (from June 30, 1996, to state ZR-69) in the following edition:

"1. The main objective of the Central bank of the Republic of Armenia is ensuring price stability in the Republic of Armenia. For the purpose of ensuring the main objective with function of the Central bank taking measures, aimed at providing price stability is. For the purpose of accomplishment of the main objective the Central bank develops, claims and performs programs of monetary policy.".

Article 2. To state article 6 of the Law in the following edition:

"Article 6. Programs of monetary policy

1. Central Bank quarterly publishes the program of monetary policy for the next 12 months which has advisory nature.

2. Programs of monetary policy include:

a) forecasts of inflation;

b) directions of monetary policy;

c) other necessary provisions founded by council of the Central bank for implementation of the tasks established by the Law.".

Article 3. The fourth article 11 of the Law to state part in the following edition:

"4. In case of excess in balance of the Central bank of the formed damage over the amount of inventories following the results of financial year, within thirty days from the moment of publication of the report, the government of the Republic of Armenia, in the amount of the exceeding amount, in the procedure established by the law, as contribution to the capital of the Central bank, provides to the Central bank poste restante interest-free state promissory notes. Repayment of these bills of exchange is performed in case of the requirement of the Central bank at the expense of the government budget or according to article 12 of this Law.".

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