INTERNATIONAL EXPERT: CRISIS TO HARDLY CAUSE SERIOUS SHOCKS TO ARMENIAN BANKING SYSTEM

ARKA
Dec 17, 2008

YEREVAN, December 17. /ARKA/. Armenian banking system is to hardly
undergo serious shocks as a result of the crisis, even in the case
of an economic slump, international expert on corporate management
issues Douglas Muir said.

The banking system of Armenia is in a comparatively good condition
with quite a good level of liquidity and regulation as compared to
other small economies, the expert said at the roundtable discussion
on corporate management in Armenian banks Tuesday.

According to Muir, Armenia has been getting out of the first stage
of the global crisis good enough so far.

Official information shows that Armenian economy go on developing,
but cold winds blowing from the East and the West will undoubtedly
have impact on the Armenian banking system, the expert said.

Currently there are 22 commercial banks in Armenia with 367 branches
throughout the country.

As of the end of September 2008, total assets of Armenian banking
system were 954.1bln Drams, total capital 214.9bln Drams and
liabilities 739.2bln Drams.

Economy crediting reached 617.5bln Drams against 434.5bln Drams in
the beginning of 2008, including consumer credits – 172.5bln Drams
and mortgage loans – 81bln Drams. ($1=308.55Drams).