Central bank of Armenia attaches importance to formation of centralized
supervision system in financial sector

YEREVAN, July 10. /ARKA/. Central Bank of Armenia attaches importance
to formation of centralized supervision system in the country’s
financial sector.

The bank’s study placed on its website says that only a comprehensive
analysis and proper control over risks emerging in various areas of the
economy will make it possible to outline ways for ensuring stability in
Armenian financial system.

Among key directions of financial sector development in 2009/2011, the
Central Bank singles out measures aimed at ensuring stability of
financial system and financial markets.

This stability will create favorable environment for exporting
financial services and spur the process of Armenia’s transformation
into regional financial center. The bank also points out the idea of
establishing all-Armenian bank.

The Central Bank intends to support the government in its efforts to
improve pension system and rating system for enterprises. The system is
planned to be handed overt to private sector later.

The Central Bank will also improve organization of cash circulation and
enlarge cashless payments.-0—