The government's economic team once again "shone with the flight of its mind;" the institution of banking secrecy, whose foundations are already shaken, is receiving a final fatal blow in Armenia. Edmon Marukyan, chairman of the opposition Bright Armenia party and head of the Bright Armenia faction in parliament, wrote this on his Facebook page Thursday.

"A new bill (…) has been published today, by which banking secrecy is destroyed once and for all [in Armenia]. According to that draft, banks are obliged to provide information to the tax authorities on the bank accounts of individuals, the amount in the accounts. Previously, this was possible only with the permission of the court.

We [Armenia] are already facing huge economic problems. And now we are expelling all economic entities, individuals who have kept financial resources in Armenia’s banks.

The consequence of the adoption of this draft will be that everyone will withdraw their financial resources from the banks, will avoid doing business in Armenia.

Is this what you want?

Even the ‘criminal regime’ did not resort to such an encroachment upon banking secrecy,” he added in particular.