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Finances, Banks, Foreign Trade
The official currency of the Nagorno Karabakh Republic
is the Armenian Dram. The rate of Armenian Dram is balanced against
the US Dollar in the NKR. The banking system of the NKR consists of
different banks and banking institutions. The Closed Joint Stock Company,
ArtsakhBank www.artsakhbank.am,
has branches throughout the NKR. In Armenia and Stepanakert, branches
of Armagrobank, Armimpexbank, Armeconombank, and Armeconominvestbank
are all part of the banking system. All of these banks act according
to agreements with their headquarters, offering regular banking services,
(account servicing, money transfers) with the exception of issuing credit.
Foreign Trade
For the first time in over thirty years, Nagorno Karabakh has had an
opportunity to independently import and export. Despite the fact that
the volume of exports and imports are minimal, the experience of working
with the CIS countries, Western and Eastern Europe, the United States,
and Canada over the last four years has been beneficial and successful.
The government is doing everything in its power to stimulate exports
by means of easing the process of exportation and by eliminating export
quotas.
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