ARMENIAN BANKING SYSTEM PROVES VIABLE, PREMIER STATES
ARKA
June 19, 2009
YEREVAN, June 19. /ARKA/. The Armenian banking system has proved viable
during the crisis, RA Prime Minister Tigran Sargsyan told RIA Novosti.
"The Armenian banking system was dynamically developing before
the crisis. Moreover, it proved viable during the crisis itself,"
Sargsyan said.
He said that none of the major Russian players that came to the
Armenian banking market, such as Gasprombank, VTB, Troika Dialog,
"has felt sorry."
The RA Premier pointed out that a competent and well-coordinated
monetary and fiscal policy implemented by the Armenian Government in
close cooperation with the Central Bank of Armenia (CBA) enabled the
Armenian banking system to retain its deposit base at the pre-crisis
level and reduce the impact of AMD devaluation to a minimum.
On March 3, the CBA Board decided to restrict the CBA’s interventions
in the foreign-exchange market and returned to a floating rate policy.
"None of the Armenian banks has since had any serious problems with
liquidity or solvency, the RA Premier said. He pointed out that
the Armenian Government supports the financial system by means of
mechanisms of refinancing economic crediting.
"We are actually providing support in all the credited areas, with
the net increase of credit portfolio being a key condition," the
Premier said.
From: Emil Lazarian | Ararat NewsPress
