UNION OF ARMENIAN BANKS AND RA CENTRAL BANK ANNOUNCE ABOUT JOINT
EFFORTS DIRECTED TO REDUCTION OF SHADOW ECONOMY AND ACTIVATION OF
BANKS IN MARKET OF CREDITTING ARMENIAN ECONOMY
Yerevan, July 31. ArmInfo. Today, in the course of the joint meeting
of the Union of the Armenian Banks and RA Central Bank, it decided
to carry out joint arrangements directed to reduction of the shadow
economy and activation of the banks in the crediting market. Chairman
of RA Central Bank Tigran Sargsian and Stepan Gishian, chairman of
Board of the Union of the Armenian Banks, stated about this in their
speeches. They stated that the level of shadow economy is quite high
in Armenia and this hinders the fair competition.
Sargsian stated that the banking system of Armenia functions out of
the shadow and its published indicators fully reflect the reality. He
added that due to its adequacy and liquidity, the banking system
of Armenia is a rather high level. The ROA and ROE profitability
level of our banking system is even higher than that of the European
countries. Sargsian said that in the coming few years the high level
of profitability will secure stability and high tempos of development
for the banking system of Armenia.
In his turn, S. Gishian pointed out the main strategic lines for the
development of the Union of the Armenian Banks for 2006. This deepening
of cooperation between UBA and RA Central Bank, RA Government and RA
Parliament, with the European Banking Federation, application of new
daft laws for will contribute to the improvement of the legislative
climate and development of the banking system of Armenia.
Touching upon the achievements fixed in the banking system of Armenian
in 2005, Gishian said that the GDP grew by 13,9%, the common actives
of the banks by 21,2%, common capital by 46,6%, the volume of credit
investments by 36%, the profitability of the capital by 15,3%.
In 2005, the liquidity of the banking system made 41,8%, the credit
rates decreased by almost 4 times. Gishian stated that RA Central
Bank will coordinate the steps envisaged for 2006.
Five banks of Armenia participated in today’s meeting, particularly,
Areximbank, Armenian Development Bank, "Ararat" Bank, ArmInvestBank
and Unibank.