DEVELOPMENT OF FINANCIAL SECTOR OF ARMENIA NEEDS NEW APPROACH AND IMPLEMENTATION OF HIGH TECHNOLOGIES

Arminfo
2007-03-21 23:05:00

The development of Armenia’s Financial sector needs new approach and
implementation of high technologies, RA President Robert Kocharyan
said at the traditional annual meeting with the bankers. He noted
that, despite the high rates of the banking system development, much
is to be done still in the financial sphere, including the services
spectrum enlargement.

As the RA Presidential press-service told ArmInfo, the issues of
development of the hypothec crediting market, the insurance system,
the pension reformation were considered during the meeting. The bankers
underlined that attraction of the inner republican financial resources
to the banking system is a primary task to increase the investment
banking degree, that requires a maximum increase of trust to the
banks. The bankers also noted the imperfection of laws on taxation
of the pledge assurance and financial operations.

The meeting participants also discussed the activity of the Union of
Banks of Armenia (UBA), the chairman of which Stepan Gishian said that
19 commercial banks are presently the UBA members. According to him,
the UBA has recently become the associated member of the Union of
European Banks that contributes to the deepening of cooperation with
the European banking system and the implementation of new methods in
the Armenian banks.

Robert Kocharyan emphasized that the banks should maintain the
development rates, assure the implementation of high technologies
and use the new approaches in their activities. Having touched
on the insurance system, RA President underlined the necessity of
implementing the compulsory kinds insurance. In his opinion, the
recently adopted laws on insurance and pension reformation will allow
the hypothec market to become more intensive and the insurance market –
to develop dynamically.