CHAIRMAN OF ARMENIAN CB SAYS ARMENIA HAS ENOUGH POTENTIAL TO CONFRONT ALL THE CHALLENGES OF THE FINANCIAL CRISIS

ARMENPRESS
March 3, 2009

YEREVAN, MARCH 3, ARMENPRESS: The gross foreign reserves currently
are 1 billion 200 million USD. Armenia has enough potential and
opportunity to confront all the challenges of the financial crisis.

Chairman of the Armenian Central Bank Arthur Javadyan said today at a
press conference that Armenia’s chief bank has conducted negotiations
with a number of international organizations as a result of which it
is expected that Armenia’s international reserves will increase.

As to outside transfers coming to Armenia, A. Javadyan said that in
the end of 2008 not the transfers decreased but their growth which
was predicted by the Central Bank. At this moment there is no decrease
of transfers. He said that according to the operative information in
January 2009 the number of transfers was almost the same as it was
in January 2008.

The chairman of the Central Bank said that Armenia’s banking system
is stable and a number of indexes prove it. Particularly, since the
beginning of the world crisis the general capital of the Armenian
banks increased by 40 billion AMD and besides, the banks, without
any state interference managed to involve from the international
financial establishments long-term credit means of 250 million USD.