Mandatory car insurance won't be delayed, warns CB

There will be no delays in administering the law on mandatory car insurance, and those who will not have the insurance before 2011, will have to pay large amounts in fines, a senior Central Bank official has said.

Speaking at a press conference, Vahe Vardanyan, the head of the department of the policy of financial system and financial stability at the Central Bank of Armenia, expressed hope that by the end of the year half of the vehicles in Armenia will have that insurance.

"There will be no delays of the law, introduction of the system," said he, adding that as of now 40% of the vehicles in Armenia already have the insurance with the insurance fees exceeding 5 billion Armenian drams.

Further he said that insurance companies will be working till midday on Friday and will be back on work on January 3.