AZG Armenian Daily #101, 28/05/2008

Financial

FIRST FINANCIAL AND BANKING CONFERENCE IN ARMENIA

Union of Armenian Banks held its first financial and
banking conference in the hall of `Mountainous
Armenia" vacation home in Dilijan (Armenia).

RA President, Prime Minister, Chairman of Central Bank
and heads of organizations of financial and banking
system participated in the conference.

The aim of the conference was to clarify the basic
directions of future development of the financial and
banking system in Armenia, also the role of the system
in the approaches and programs of RA general
development.

President Serge Sargsian mentioned in his speech that
the financial system of Armenia has a real potential
to become a financial center in the region.

"We’ll bring experience, modern methods and form
stable traditions of activities in financial markets.
In this sense entrance of the Stockholm Exchange to
Armenia I qualify positively and we should continue
taking of similar influential steps.

Serge Sargsian highlighted the progress of the
financial and banking system and mentioned that it can
serve as a locomotive for all the branches of the
economy and for the solution to the problems of the
population. According to the President, one of the
important sides of the financial and banking system
are the economic processes and introduction of a
culture based on confidence in public relations

The Armenian financial sphere has also another issue
in its way of development; the factor of proportionate
development. According to the President, it is
impossible to get serious results if the economic
development is not felt by each citizen.

Prime Minister Tigran Sargsian touched upon the issue
how to become a financial center. According to him,
the works should be carried out in 6 directions.
These, in their turn, will reveal the relative
superiorities of Armenia. The international experience
dictates where those superiorities are.

The PM mentioned that several advantages are available
in Armenia compared with the regional countries.
First, comparatively inexpensive manpower that is
fluent in Russian, English, etc. Second, the payment
and accounts system functioning in real period of
time, and third, the readiness to become a financial
center that assumes political will to carry out
necessary amendments and form corresponding
legislation.

During the conference a film was shown dedicated to
the analysis of the financial centers’ international
experience, and then took place the presentation of
the "Code of rules of banking business ethic" worked
out by the Union of Armenian Banks.

After the conference RA President, Prime Minister and
Deputy Chairman of the Central Bank visited the new
building of the educational center of the Armenian
Stock Exchange and Central Bank.

By Nairi Muradian, translated by L.H.

From: Emil Lazarian | Ararat NewsPress