the currency of the Republic of Armenia – the Armenian Dram. The Central Bank shall be independent whilst performing the tasks and functions granted by the Constitution and the law. The Chairman of the Central Bank shall be appointed by the National Assembly upon the recommendation of the President of the Republic for a six-year term. The same person may not be elected to the office of Chairman of the Central Bank for more than two consecutive terms. In cases prescribed by the law the National Assembly may by a majority of its votes and upon the recommendation of the President of the Republic remove the Chairman of the Central bank from office.(Article 83.3) Currency legislation and regulatory acts Armenian Laws Armenian Law on "The Central Bank of Armenia". Armenian Law on "Banks and Banking". Armenian Law on "Currency Regulation and Currency Control". Armenian Law on "Credit Organizations". Armenian Law on "Foreign Investment". "Armenian Civil Code" The Armenian Law on "The Central Bank" sets out the objectives, authority, structure and management of the Central Bank. The Law provides that the Central Bank is a legal entity, the sole founder of which is the Republic of Armenia. The key objective of the Central Bank is ensuring price stability, which is achieved by developing, approving and conducting monetary policy programs. The Law further provides that the objectives of the Central Bank include creation of requisite conditions for stability, liquidity, solvency and normal functioning of the banking sector, and creating and developing an efficient payment and settlements system. The Law specifies the Central Bank's relationship with Government authorities, banks and other legal entities; it regulates the authority of the Central Bank as a currency agent, the circulation of the Armenian currency, currency control, and other relations essential to the economy. The Armenian Law on "On Banks and Banking" regulates the activities of Armenian banks. The Law determines registration, licensing, regulation and termination of activities of banks, their branches, foreign bank branches and all affiliations, and terms of supervision of banking. It explicates the definitions 'bank', 'banking activity', 'bank deposit' and some other definitions; it regulates the corporate structure and management and the scope of financial, investment and subscription activities, and the prudential economic standards. On 24 November 2004, the Armenian Law on "On Currency Regulation and Currency Control" in a new edition was adopted that explicated the definitions 'resident and non -resident', 'current