Institution Of Financial Arbitration To Build Up Confidence In Armen

INSTITUTION OF FINANCIAL ARBITRATION TO BUILD UP CONFIDENCE IN ARMENIA’S BANKING SYSTEM

ARKA News Agency
Feb 13 2008
Armenia

YEREVAN, February 13. /ARKA/. The institution of financial arbitration
will build up confidence in the country’s banking system, Chairman
of the Central Bank of Armenia (CBA) Tigran Sargsyan stated at a
briefing at the RA Government, presenting a package of new bills. The
Government approved the package.

"The financial arbiter will promptly consider complaints free of
charge and make decisions on citizens’ complaints about banking
services rendered to them," Sargsyan said.

He pointed out that the institute of financial arbiter is a real
opportunity for building up confidence in the banking system. The
international experience shows that 95% of financial disputes are
settled within 2-3 days, which, in turn, increases the share of
financial intermediation.

At its sitting on Wednesday, the RA Government approved bills "On
crediting of consumers", "On financial arbitration", "On involvement
of bank deposits". Twenty-two banks are operating in Armenia. -0–

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS