There are two types of reserves of precious metals and stones: State and national. At the proposal of the Executive, the Ministry of Finance will stop managing the state reserve, and this function will be transferred to the Ministry of Territorial Administration and Infrastructure. The latter should further elaborate the procedures for evaluating, accounting and alienating the relevant property.
It is proposed to entrust the management of the national reserve to the Ministry of Education, Science, Culture and Sport. According to the RA Deputy Minister of Finance Eduard Hakobyan, this regulation will result in a more unified and efficient management.
At the extraordinary sitting of the NA Standing Committee on Economic Affairs, the legislative package providing for amendments and addenda to the RA Criminal Procedure Code, the Law on Precious Metals and the related laws were debated in the first reading. Eduard Hakobyan informed that there will be amendments in the by-laws in the near future.
In response to the question of the deputy of the RA NA Armenia Faction Tadevos Avetisyan, regarding the international experience in the field, the Deputy Minister noted that the international experience does not provide an unequivocal answer to the question, but it is important to separate the management of financial assets from the management of tangible assets. He informed that as for the state reserve, we are talking about metals and stones worth of 1.5 billion AMD, which will be transferred to the State Property Management Committee, which will ensure the sale with appropriate procedures.
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The issue was endorsed by the Committee.
National Assembly of the Republic of Armenia