Arab States May Move Financial Center To Armenia From Lebanon
Huliq.com
May 26, 2008

The Prime Minister of Armenia Tigran Sargsyan says that Arab states
express a wish to move their financial and banking center from Lebanon
to Armenia as Armenia makes serious steps to become the regional
financial center by dedicating northern town of Dilijan specially for
this purpose.

Yerevan /Mediamax/. Arab states express a wish to move their financial
center from Lebanon to Armenia, proposing to carry out the
corresponding legislative changes in the republic.
Mediamax reports that the Prime Minister of Armenia Tigran Sarkisian
said this today, speaking in Dilijan at the first financial-banking
conference, organized by the Union of Banks of Armenia (UBA).
`Armenia can become a bridge between Europe and Moslem states’, Tigran
Sarkisian stated, adding that to turn into a financial center for the
Arab world, Armenia should gain the outline of an off-shore zone, which
will present profitable financial services according to world
standards.
The Prime Minister also noted that Armenia can organize trading of
securities of CIS states.
`Along with the development of securities markets of CIS states, there
is yet the problem of securities’ entry to foreign markets unsolved,
and Armenia can propose CIS auspicious conditions to place their
securities.
OMX Group operator, which has entered the Armenian market, may realize
crucial programs’, Tigran Sarkisian stated.
Head of the government also noted the importance of establishing in
Armenia investment funds and systems of assets management. According
to Tigran Sarkisian, the Armenian population has about $2bln cash on
hand and the presence of investment funds will allow placing those
assets. He added that the transition to accumulative pension system
will contribute to the formation of share investment funds and a
system of assets management.
`The insurance market and the market of securities of Armenia fall
behind in development from the banking system, and active reforms are
necessary in these spheres. The main resource of the financial sphere
is intellect, consequently, special attention should be paid to
financial education’, Tigran Sarkisian stated.