Law on Attraction of Banking Deposits

Armenia

(enacted in 2008)

The Law on Attraction of Banking Deposits of 2008 provides for the disclosure of information related to deposits to customers, such as the terms of deposits offered to individual depositors of the banks (other financial institutions are not allowed to attract deposits from the general public), requirements for advertising percentage rates, and communication with depositors in Armenia. This law requires that banks calculate Annual Percentage Yield (APY) for deposits and disclose the APY in monthly account statements.