Plans of ‘Dem Em’ group will not create problems for banks

Plans of ‘Dem Em’ group will not create problems for banks

YEREVAN, April 18 . / ARKA /. Plans of Dem Em ( I’m against) youth pressure group to withdraw all their moneys via  ATMs  will not create problems for the banking system, Andranik Grigoryan, head of a Central Bank department in charge of stability and financial system development, said today.

The pressure group has been protesting against transition to a new pension system under which employers must withhold 5 percent of gross wages of workers born after 1973 and contribute the funds to special pension funds.

The pressure group says the authorities must comply with the decision of the Constitutional Court handed down on April 2  that the mandatory payments run counter to the Armenian constitution. 

However, the ruling gave the authorities time until September 30 to correct this and other controversial provisions of the law deemed unconstitutional.

"Armenia’s banking system is sufficiently liquid  and its purpose is  to service the customer. Even if all the ATMs get empty , the banking system will withstand,"  Grigoryan said on Friday.

He also added that a simultaneous withdrawal of a huge amount of money from ATMs will not create problems for the national processing system ArCa. -0-

18:52 18.04.2014

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