2006 CRUCIAL YEAR FOR MORTGAGE MARKET DEVELOPMENT IN ARMENIA
ARKA News Agency, Armenia
March 16 2006
YEREVAN, March 16. /ARKA/. The year 2006 will be crucial for mortgage
market development in Armenia, the newly appointed Chairman of the
Union of Banks of Armenia (UBA) Stepan Gichyan stated in his interview
to the Ra public Television.
“The mortgage market remains in the center of attention of the RA
President and Government, as well as of the heads of banks and the
UBA,” Gishyan said.
He pointed out that Armenia’s banks intend to intensify their
activities in developing the mortgage market.
He also stressed that the UBA intends to take a number of steps,
particularly, enhance is role in drafting economic bills for banks’
interests to be represented in a better way.
Gishyan also pointed out that one of the UBA’s most important tasks
is facilitating the increase in the number of transactions effected
by means of banks, which will reduce the share of shadow economy.
According to him, the mobilization of Armenian banks’ resources will
contribute to the formation of internal resources, which will later
be provided to economic entities. P.T. -0–