Armenia’s banking system shields country as crisis bites, premier says
17.12.2008,
00:48
Armenia’s stability during the global financial crisis is thanks to the robust banking system, RA Prime Minister told the Golos Armenii (Voice of Armenia).
YEREVAN, December 16. /ARKA/. Armenia’s stability during the global financial crisis is thanks to the robust banking system, RA Prime Minister told the Golos Armenii (Voice of Armenia).
The impact force of the crisis depends on a country’s international balance of payment, as well as trade and financial flows, Sargsyan said, pointing out 30% adequacy and high liquidity of local banks.
The banks continue their harsh and shrewd policy despite sharp criticism of the real sector of economy, the premier added.
He emphasized the role of the Central Bank’s policy, saying it is the only remedy from the crisis.
Twenty-two commercial banks with 367 branches are currently operating in Armenia. As of September 30, 2008, total assets and capital of local banks amounted to 954.1bln drams and 214.9bln drams respectively, with their liabilities totaling 739.2bln drams.
During the same period, crediting of Armenia’s economy reached 617.5bln drams against 434.5bln drams earlier this year, with consumer credits and mortgage loans amounting to 172.5bln drams and 81bln drams respectively. ($1-308.55 drams). –0--
The impact force of the crisis depends on a country’s international balance of payment, as well as trade and financial flows, Sargsyan said, pointing out 30% adequacy and high liquidity of local banks.
The banks continue their harsh and shrewd policy despite sharp criticism of the real sector of economy, the premier added.
He emphasized the role of the Central Bank’s policy, saying it is the only remedy from the crisis.
Twenty-two commercial banks with 367 branches are currently operating in Armenia. As of September 30, 2008, total assets and capital of local banks amounted to 954.1bln drams and 214.9bln drams respectively, with their liabilities totaling 739.2bln drams.
During the same period, crediting of Armenia’s economy reached 617.5bln drams against 434.5bln drams earlier this year, with consumer credits and mortgage loans amounting to 172.5bln drams and 81bln drams respectively. ($1-308.55 drams). –0--
