CHAIRMAN OF CBA: FOREIGN TRADE IS OF SIGNIFICANT IMPORTANCE FOR ARMENIA

ARKA News Agency, Armenia
March 28 2006

YEREVAN, March 28. /ARKA/. Foreign trade is of significant importance
for Armenia, as the Chairman of the CBA Tigran Sargsyan stated during
the first international bank conference on issues of financing foreign
trade, which has opened in Yerevan today.

“Foreign trade is of significant importance for Armenia, a little
country, still adhering to the principles of open economic policy”,
he stated.

“In this case offering new instruments to the participants of the
market may establish more favorable conditions for exporters and
importers by increasing effectiveness of our economic system”,
Sargsyan finds.

“Unfortunately we must register that many instruments, used in
the international practice, are not introduced and adopted yet by
commercial banks in the Armenian market, which creates difficulties
for importers and exporters”, Sargsyan added.

In his words, main instruments used in the Armenian market are letters
of credit or short-term credits.

‘From this viewpoint introduction of new instruments, usual for the
international practice, into Armenia may become a significant stimulus
both for exporters and importers”, Sargsyan finds.

From: Emil Lazarian | Ararat NewsPress