ARMENIAN BANKING SYSTEM REMAINS RELIABLE

PanARMENIAN.Net
02.04.2010 14:53 GMT+04:00

/PanARMENIAN.Net/ Chairman of the Union of Armenian Banks Ararat
Ghukasyan considers Armenia’s banking system to be reliable, like
in 2008-2009.

"According to 2009 results, the banking system gross profit has
decreased by 46%, as compared with 2008, still making a significant
amount," Mr. Ghukasyan said. "The banks managed to assume the risks
related to the currency rate sharp fluctuations in 2009, and no
bank questioned the right of depositors to managing their deposits –
the funds were entirely available for the banks clients."

Mr. Ghukasyan noted that a moderate crediting policy pursued in 2009
is explainable due to general economic recession. "Naturally, the
banks shall react to it, as first of all they take care of depositor
interests and they have no right to put their funds in unreasonable
risk," he said.

Speaking about crediting trends in 2010, the Chairman of the Union
of Armenian Banks noted that the banks are careful creditors and
avoid funding projects or companies, the activities of which are
not transparent.