The Minister of Finance, Edward Hovhannisyan, recently announced that the state storage of rare metals and minerals in Armenia will be transferred from the Ministry of Finance to other agencies. This decision was made during a session of the National Assembly, where amendments to the Tax Code and related legislation were being discussed. According to government representatives, it would be more suitable for these responsibilities to be entrusted to the relevant authorities responsible for managing the country’s territorial administration and public infrastructure.

The committee for the management of state property under the Ministry of Territorial Administration will now be in charge of managing the state-owned assets related to rare metals and minerals. These assets should be handled in the same way as any other state property. However, a small portion of these assets, which have historical value, will be transferred to the Ministry of Education, Science, Culture, and Sports. These minerals are often used in museums and exhibitions.

The initial part of the storage facilities, which holds items of actual market value, is estimated to be worth around 1.5 billion AMD (approximately USD 3 million). Additionally, this part of the storage has not been replenished in recent years. Hovhannisyan explained that evaluating the cultural value of the second part of the storage is challenging. The main purpose of these proposed changes is to ensure the preservation of the state’s rare metals and minerals, rather than transferring them to a commercial bank that can freely manage the assets.

Overall, this decision aims to enhance the management and preservation of Armenia’s rare metals and minerals. By entrusting these responsibilities to the relevant authorities, the government seeks to ensure the proper handling and utilization of these valuable resources.