Quipu Consulting

From Inca to our time - accounting and control are the basis for an effective management.

Quipu - ancient mnemonic and accounting system used by Incas and their predecessors in Andes. It is a complex system of joint strings and nods. Quipu was used for double-entry bookkeeping for the first time in human history. Famous Spanish chronicler (historian) (José de Acosta) wrote that "Whole Incan Empire was managed using Quipu, and nobody could avoid those who were doing calculations with the help of nods".

Currency Regulation & Control in Armenia

 

1. Currency transactions, entities, performing currency transactions, and other relations linked to currency regulation and currency control in the Republic of Armenia shall be regulated by the Law “On Currency Regulation and Control”, Civil Code of the Republic of Armenia, Armenian law “On the Central Bank of Armenia”, other Armenian laws, international agreements of the Republic of Armenia and other regulations for cases, stipulated by the law.

 

2. Currency transactions are transactions related to:

  • assignment of property rights of currency values, other property rights and use of foreign currency payment documents as instrument of payment
  • use of the Armenian currency in external economic activity and foreign currency as instrument of payment
  • transportation, import and delivery of currency values to Armenia from abroad, their transportation, export and delivery from Armenia.

 

Residents shall perform currency transactions outside Armenia without limitations, in accordance with the law of foreign countries.

Investment transactions performed by non-residents on the territory of Armenia shall be regulated by the Armenian law and international agreements.

 

3. Residents and non-residents shall transport, deliver, import currency values to Armenia and transport, deliver and export currency values from Armenia without limitations and declaration, except for cases, stipulated below.

 

The Central Bank shall define procedure and terms of transportation, delivery, import, export and declaration of currency values by a normative regulation in agreement with Armenian Government authorized body for ensuring the stability of the financial system, preventing economic risks, circulation of criminal proceeds and terrorism financing and statistical purposes.

 

4. Money quotations for sale of goods (inventory), rendering services and labor remuneration shall be made in the Armenian currency.

Money payments for sale of goods (inventory), rendering services, property use, as labor remuneration, including interest to be paid on financial operations, between residents shall be accepted and made in the Armenian currency.

Investments in statutory and share capital of legal entities shall be made in the Armenian currency.

 

5. Residents and non-residents have a right to purchase/sell foreign currency without limitations on immediate or inferred payment terms, assuming a right or an obligation to repurchase or convert to other currency at a certain price in a certain period or on any other terms. Foreign currency purchase/sale transactions shall be performed through specialized entities.

On the territory of Armenia, except for Armenian embassies and consular sections located abroad, payments against current currency transactions, capital movement and financial currency transactions shall be performed on a cash and non-cash basis in the Armenian currency, except for cases specified below.

  • Non-cash payments against current currency transactions, capital movement and financial currency non-cash transactions can be performed between legal entities/private entrepreneurs.
  • Non-trade transactions, except for salary payments, can also be performed in foreign currency both on a cash and non-cash basis.
  • Transactions on gifts and donations, inheritance between residents may be performed in foreign currency.
  • International organizations may pay for labor, service rendering in foreign currency in cases and according to procedure, agreed with the Central Bank and Government Authorized body.
  • Banks, credit organizations, settlement organizations have a right to perform financial transactions, including deposit and credit operations, empowered by law in foreign currency, except for cases specified by the law.

 

Non-official information (updated as of 1st of January, 2013)