BANK SYSTEM INFLUENCE ON THE ECONOMY IN ARMENIA S THE LOWEST AMONG THE CIS STATES
Yerevan, July 31. ArmInfo. The most important problem of the Armenian
banking system is the low level of finance mediation and in order
to solve it crediting volumes are to be increased. Regretfully the
head of the Central Bank Tigran Sarkisian stated that the influence
of bank mediation on economy in Armenia is the lowest among the
CIS states. One of the reasons for that is the shadow economy: the
significant cash assets of the shadow economy are avoiding the bank
mediation because of the adoption of European accounting system.
The next problem is that the companies are presenting the banks
balance-sheets, which often considerably vary from those presented to
the Tax Service. This matter was also considered with the KfW bank,
Germany, running a number of programs in Armenia, and it was made
agree that the Armenian banks will receive from the companies the
same documentation as the Customs Service.
Speaking of the measures taken by the Central Bank for the reduction
of shadow economy, the head of the bank said that first of all
rating of Armenian enterprises was held. 10 of 48 enterprises,
submitted for rating, received rather high rates, which allows
them to issue obligations subjects to REPO transactions. In order
to increase the number of enterprises functioning out of the shadow
field, finance supervision has been started and the Central Bank is
regularly publishing of the biggest debtor-enterprises. At present the
Credit Register, which receives about 1000 queries monthly, has made
possible 100% refundability of credits. Mr. Sarkisian said that at
present only one private crediting bureau is functioning and added
that soon the necessity of new such bureaus will become obvious.
Opening of new crediting bureaus will provide the opportunity of
applying the scoring system in Armenia.
The head of the Central Bank said that the monitoring of corporate
management system, only recently applied in Armenia, will be held
in the next 6 months, most probably by the Armenian Banks’ Union.
According to Mr. Sarkisian, more and more attention is being paid to
the reduction of money-laundering level in Armenia, as the republic
would not be able to integrate with international finance structures
without it. In connection with that Money Laundering Elimination
Commission has been established by the order of the President of
Armenia. Representatives of the Tax and Customs services, Police,
National Security Service, Interpol are included in the new structure.