IMF: BANKING SECTOR OF ARMENIA IS ABLE TO RESIST THE IMPACT OF THE GLOBAL FINANCIAL CRISIS
ArmInfo
2009-05-11 17:12:00
ArmInfo. The banking sector of Armenia is capitalized enough to resist
the negative impact of the global financial crisis, International
Monetary Fund Mission Chief in Armenia Mark Lewis said in Yerevan when
presenting a report on "Regional Economic Outlook. Armenia Outlook",
Monday.
According to him, the global crisis mainly affected the real sector
of Armenia’s economy as the financial system of the republic was
not involved in the world economy. At the same time, he pointed
out that the crisis may affect the quality of credit portfolios in
commercial banks.
Deputy Director of IMF Middle East and Central Asia Department Ratna
Sahay said that due to the balanced policy of Armenian Government
and Central Bank, Armenian commercial banks didn’t accrue big foreign
borrowings, while this was the reason of the crisis in many countries.