INSTITUTION OF FINANCIAL ARBITRATION TO BUILD UP CONFIDENCE IN ARMENIA’S BANKING SYSTEM

ARKA News Agency
Feb 13 2008
Armenia

YEREVAN, February 13. /ARKA/. The institution of financial arbitration
will build up confidence in the country’s banking system, Chairman
of the Central Bank of Armenia (CBA) Tigran Sargsyan stated at a
briefing at the RA Government, presenting a package of new bills. The
Government approved the package.

"The financial arbiter will promptly consider complaints free of
charge and make decisions on citizens’ complaints about banking
services rendered to them," Sargsyan said.

He pointed out that the institute of financial arbiter is a real
opportunity for building up confidence in the banking system. The
international experience shows that 95% of financial disputes are
settled within 2-3 days, which, in turn, increases the share of
financial intermediation.

At its sitting on Wednesday, the RA Government approved bills "On
crediting of consumers", "On financial arbitration", "On involvement
of bank deposits". Twenty-two banks are operating in Armenia. -0–

From: Emil Lazarian | Ararat NewsPress