The bill on limiting cash transactions has but one objective: to form a financial-oligarchic capitalism in Armenia - Hrant Bagratyan.

The bill on limiting cash transactions has but one objective: to form a financial-oligarchic capitalism in Armenia, former PM and opposition Armenian National Congress member Hrant Bagratyan stated during a press conference on Friday.

As per Bagratyan, this bill will in no way help reduce shadow economy. “[PM] Tigran Sargsyan is turning the oligarchs into financial oligarchs, and he is making them comprehend that there is no other money in the world,” he argued.

In the former PM’s words, the market needs to be regulated instead of introducing such bill. “The objective of this is for the banks to make money,” Bagratyan noted.

And he also commended the position of the ruling coalition’s Prosperous Armenia Party, which refused to take part in the voting of this bill, and thus the bill was not passed.