MORE OPERATIONS BY MEANS OF BANKING SYSTEM TO ATTRACT MORE INVESTMENTS IN ARMENIA’S ECONOMY

ARKA News Agency, Armenia
March 15, 2006

YEREVAN, March 16. /ARKA/. The increase in the number of operations
by means of Armenia’s banking system will ensure an increase in
investments in the country’s economy due to internal resources through
accumulation of funds. This statement was made at RA President Robert
Kocharyan’s meeting with the newly appointed Chairman of the Union
of Banks of Armenia (UBA), Director General of Agricultural Corporate
Bank of Armenia (ACBA) Stepan Gishyan.

During the meeting, Gishyan informed the RA President that an
increase in the banks’ advances portfolio was observed in the 1st
quarter of 2006. Also, consistent steps to increase the amount of
attracted deposits are being made. The sides also addressed the
situation on the mortgage market, particularly the expected radical
changes in the sphere, which will afford new opportunities to the
population.