ARMENIA’S FINANCIAL SYSTEM STABLE, ARMENIAN CB CHAIRMAN STATES
ARKA
Jan 20, 2009
YEREVAN, January 20. /ARKA/. Referring to local and international
experts, Chairman of the Central Bank of Armenia (CBA) Artur Javadyan
said that the Armenian financial system is stable.
"It would be too much to say that our financial system is a very
good state, but it is in a satisfactory state," Javadyan told a press
conference at the Novosti press center.
The CBA Chairman said that the global financial crisis cannot be
ignored, and, being part of the global financial system, Armenia
should oftener talk about its influence on the country.
Javadyan stressed that the Armenian banking system closed last year
with quite good indicators. Specifically the banking system’s assets
increased by over 30%, and capitalization by about 40%.
"Many rumors about decreased crediting are circulating now. During
the last three months of last year, when the global crisis produced an
apparent effect on many countries, 150,000 individual credits and over
2,000 credits to legal entities were issued in Armenia," Javadyan said.
According to the CBA’s preliminary data, the assets of the Armenian
banking system reached 1,020bln AMD in 2008 – an increase of 33%. The
net profit of the Armenian banks reached 27bln AMD, an increase of
7bln AMD.
As of September 30, 2008, twenty-two commercial banks and 367 branches
were operating in Armenia.