THE LAW OF THE REPUBLIC OF ARMENIA (RA)

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a) Operational expenses, for example:
- Interest accrued on deposits attracted, credits received, securities issued
and balances of customer accounts;
- Expenses associated with the issuance, transportation, maintenance and
elimination of bank notes, coins and monetary values;
- All types of commissions and fees paid during banking operations;
- Losses incurred from the revaluation of foreign currency, securities,
precious metals and other assets;
- Losses incurred from the sale of foreign currency, securities, precious
metals and monetary values at prices lower than the book value and the purchase
price;
- Expenses incurred from the revaluation of fixed assets, intangible assets
and stocks, sale of fixed assets, intangible assets at prices lower than the book value,
as well as the ones incurred from the sale of stocks;
- Expenses associated with provisions for and write-offs of bad loans,
receivables, monetary values and other assets;
- Expenses associated with the depreciation of fixed assets;
- Payments against all kinds of services related to bank operations;
- Expenses associated with international reserves management;
- Expenses associated with payment system services;
- Expenses associated with state foreign debt service;
- Expenses associated with maintenance, service, use and insurance of other
assets of the Central Bank, such as buildings, premises, fixed assets and stocks;
- Fees for auditing and consulting services; and
- Other expenses associated with implementation of objectives of the
Central Bank.
b) Administrative expenses shall include, for example:
- Expenses associated with staff maintenance (staff salaries, rewards,
payments to pension fund, staff training and skill upgrading, business trips and
representation expenses, office vehicle operation costs and other social security
expenses);
- Expenses associated with the acquisition of press information and
professional literature;
- Expenses associated with the write-off of materials and non-durable
assets;
- Expenses associated with the communication means used for office
purposes; and
Contingent expenses (reserve for expenses).
4. Capital investments of the Central Bank include:
i.e.:
a) capital investments on carrying out the main activities of the Central Bank,