WILL ARMEENIA’S FINACIAL SYSTEM RESIST CRISIS?

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[05:55 pm] 05 December, 2008

Serzh Sargsyan held a consultation with the directors of the Armenian
commercial banks. According to the press office of the president,
the purpose of the consultation was to define the actions under the
aggravation of the global economic crisis, taking into consideration
the opinion of the banks as well. Serzh Sargsyan commended that the
banks were able to resist the first surge of the crisis without major
losses, which he finds to be the result of a wise policy. "Now that the
financial crisis has been followed by the economic crisis, we should
undertake action to be able to nourish the branches of economy which
will generate profit, develop and create new jobs," he said noting
that there are a number of programmes which will come true if there is
finance. Serzh Sargsyan pointed to small and medium-size businesses,
reiterating the assistance of the state to the banks in implementing
those programmes. He also underscored promotion of exports. For his
part, the president of the Central Bank Arthur Javadyan told about
development and current tendencies in the banking system in 2008. He
pointed to the high level of liquidity which makes the banks stable and
able to resist risks. The president of the Central Bank said deposits
by physical persons have increased over the past few months, and the
relations of commercial banks with international organizations have
improved. Over the past months contracts of 80 billion drams were
signed which all include long-term financial assets.