Central Bank Issues Warning

The Central Bank of Armenia has announced that no type of operating license has been granted to "Citi Bike" company, which operates outside the supervision of the Central Bank. This statement was released by the press service of the Central Bank of Armenia.

“From the analysis of numerous applications and other signals presented to the Central Bank, it has become clear that the company 'Citi Bike', operating in Armenia, is publicly attracting funds by offering to return provided monetary resources in exchange for 'profit models', 'super bonuses', and a certain 'surplus',” the statement said.

It emphasizes that the company essentially attracts funds from a broad segment of the public without having any license from the Central Bank of Armenia. “The Central Bank cannot control the risks arising from the company’s activities and ensure proper protection of customer interests, which means that when citizens entrust their funds to such organizations, they do so at their own risk, which can lead to financial losses and severe social consequences,” the message added.

To avoid fraud and financial losses, the Central Bank of Armenia urges the public to only rely on official sources of information by visiting the official website of the Central Bank at www.cba.am. The website provides a list of financial organizations licensed and regulated by the Central Bank of Armenia that are authorized to make public offers and engage in activities permitted by law.