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The Ministry of Finance in the years of the Third Republic

 

The Ministry of Finance of the Third Republic of Armenia was established by the Supreme Council Decision dated September 18, 1990. Janik Janoyan was appointed as the first Minister of Finance of the newly independent republic who had previously held the post of the Finance Minister of Armenian SSR for 15 years.

According to the Constitution of the Third Republic, the Ministry of Finance of the Republic of Armenia is a republican body of executive authority which develops and implements the policy of the RA Government in the spheres of state revenue formation and public finance management.

On June 10, 1997, by the RA President Decree NM - 747, the RA Ministry of Finance was reorganized into the RA Ministry of Finance and Economy.

On June 15, 1999, by the RA President Decree NM - 287, the RA Ministry of Finance and Economy was divided and reorganized as the RA Ministry of Economy and the RA Ministry of Finance. However, in February 2000, by the RA President Decree NM – 450, the two ministries were again merged and reorganized into the RA Ministry of Finance and Economy.

On April 21, 2008, by the RA President Decree, the RA Ministry of Finance and Economy was renamed as the RA Ministry of Finance.

On April 30, 2014, by the RA President Decree NM – 97 – N, the State Revenue Committee under the RA Government was reorganized and merged with the RA Ministry of Finance.

On March 12, 2016, by the RA President Decree NM – 213 – N, the RA Ministry of Finance was reorganized and separated from the State Revenue Committee under the RA Government.

The Ministers of Finance of the Republic of Armenia were: Janik Janoyan (18.09.1990-16.02.1993), Levon Barkhudaryan (1993-1997, 15.06.1999-11.11.2000), Armen Darbinyan (15.05.1997-10.04.1998), Edward Sandoyan (20.04.1998-15.06.1999), Vardan Khachatryan (11.11.2000-09.04.2008), Tigran Davtyan (21.04.2008-17.12.2010), Vache Gabrielyan (17.12.2010-09.04.2013), Davit Sargsyan (09.05.2013-26.04.2014), Gagik Khachatryan (26.04.2014-20.09.2016).

On September 20, 2016, Vardan Aramyan was appointed as the RA Minister of Finance.

 

The Ministry of Finance in the Soviet years (1920-1990)

 

The ASSR People's Commissariat of Finance, formed on December 4, 1920, on the basis of the RA Ministry of Finance, actively used the financial and credit procedures to enhance and update the industrial funds, to develop the whole national economy in a stable and balanced manner, to contribute to the rapid development of its key branches and sectors, science, culture, healthcare. Private banks were nationalized, a new general monetary unit of the ASSR was adopted, new procedures of taxation were established, etc.

Since 1921, Soviet Armenia passed to the New Economic Policy (NEP) which was in its turn substituted by the policy of “Military Communism”. In ASSR, the Military Communism Policy lasted until 1928.

In 1921, the State Bank of the Soviet Federative Socialist Republic of Russia was formed, the offices and branches of which were established in Soviet Armenia since 1924 as well.

On September 6, 1922, with the formation of the Transcaucasian Federation, ASSR People's Commissariat of Finance was abolished, and instead the People’s Commissariat for Finance of the Transcaucasian Federation was formed.

On December 14, 1925, ASSR People's Commissariat of Finance was reestablished.

The ASSR Ministry of Finance, reorganized on May 27, 1946, implemented a number of reforms which greatly contributed to the development of Soviet Armenia’s economy.

 

The RA Ministry of Finance in the years of the First Republic (1918-1920)

 

The RA Ministry of Finance was established on July 24, 1918, when the Armenian National Council formed the RA Government and Khachatur Karchikyan was appointed as the Minister of Finance of RA.

The Ministry was formed on the basis of the Financial Department of the Armenian National Council of Yerevan. The Ministry included the Treasury Chamber of Yerevan, the Department of Excise Duty, the Tax Inspectorate, the Customs Department, Yerevan and Provincial Treasuries, the Department of Agriculture and State Property of Yerevan.

In 1919, the RA Government represented by the RA Prime Minister and Minister of Foreign Affairs Alexander Khatisyan, in order to develop the RA economy, targeted a number of issues such as: to create available state loans to ensure the exploitation of a number of major businesses of great importance for the economy; to provide state support to the population who had suffered from the disasters; to encourage private capital inflows into the country; to apply effective procedures of taxation; to encourage and develop educational professional skills. A. Khatisyan's Government also betook the printing of Armenian drams in London. After a while, amendments were made in the sphere of tax policy, and the Law on Loans was adopted.