YEREVAN, September 9. / ARKA /. Chairman of Armenia’s Central Bank Arthur Javadyan said Armenia’s accession to the Russia-led Customs Union will have a positive effect on Armenia’s financial system.
He said Armenia’s financial institutions successfully cooperate with Russian and Kazakh counterparts. He said three Russian banks and one Kazakh bank are present in Armenia, which are guided by the same Basel, corporate governance and international accounting standards .
"From this point of view, our cooperation will have only positive results," said Javadian.
Regarding benefits to Armenia’s economy expected from the country’s s membership in the Customs Union of Russia-Belarus and Kazakhstan, Javadyan said he was not ready to speak in details , but said that the overall expectations are positive.
On September 3 after talks with Russian president Putin Armenian president Serzh Sargsyan said his country will join the Customs Union and subsequently participate in the formation of the Eurasian Economic Union. Earlier it was planned that Yerevan would sign an association agreement and a deep and comprehensive free trade area agreement with EU. Armenia’s surprise decision caused the outrage of pro-Western forces in Armenia. -0-