ARTUR GHUKASYAN: 2009 A DIFFICULT YEAR FOR BANKS

news.am
Dec 29 2009
Armenia

This year the Armenian banks have fulfilled their financial commitments
using their own funds, which enabled our financial system to retain
stability and liquidity, Artur Ghukasyan, Chairman of the Union of
Armenian Banks, told reporters on December 29.

Caution was shown in the beginning, but an aggressive credit policy
was launched in the third quarter. "The year 2009 has been a difficult
one for banks, but seven of them have replenished their authorized
capital," Ghukasyan said.

As to why only few of the banks issue loans in the Armenian regions,
he pointed out that 12 branches, with six of them in the regions,
have been opened this year. "The Armenian regions are the center
of the banks’ attention, and loans will be issued in the future,"
Ghukasyan said.