Armenian banking system proves viable, premier states
19.06.2009,
22:59
The Armenian banking system has proved viable during the crisis, RA Prime Minister Tigran Sargsyan told RIA Novosti.
YEREVAN, June 19. /ARKA/. The Armenian banking system has proved viable during the crisis, RA Prime Minister Tigran Sargsyan told RIA Novosti.
“The Armenian banking system was dynamically developing before the crisis. Moreover, it proved viable during the crisis itself,” Sargsyan said.
He said that none of the major Russian players that came to the Armenian banking market, such as Gasprombank, VTB, Troika Dialog, “has felt sorry.”
The RA Premier pointed out that a competent and well-coordinated monetary and fiscal policy implemented by the Armenian Government in close cooperation with the Central Bank of Armenia (CBA) enabled the Armenian banking system to retain its deposit base at the pre-crisis level and reduce the impact of AMD devaluation to a minimum.
On March 3, the CBA Board decided to restrict the CBA’s interventions in the foreign-exchange market and returned to a floating rate policy.
“None of the Armenian banks has since had any serious problems with liquidity or solvency, the RA Premier said. He pointed out that the Armenian Government supports the financial system by means of mechanisms of refinancing economic crediting.
“We are actually providing support in all the credited areas, with the net increase of credit portfolio being a key condition,” the Premier said.–0--
“The Armenian banking system was dynamically developing before the crisis. Moreover, it proved viable during the crisis itself,” Sargsyan said.
He said that none of the major Russian players that came to the Armenian banking market, such as Gasprombank, VTB, Troika Dialog, “has felt sorry.”
The RA Premier pointed out that a competent and well-coordinated monetary and fiscal policy implemented by the Armenian Government in close cooperation with the Central Bank of Armenia (CBA) enabled the Armenian banking system to retain its deposit base at the pre-crisis level and reduce the impact of AMD devaluation to a minimum.
On March 3, the CBA Board decided to restrict the CBA’s interventions in the foreign-exchange market and returned to a floating rate policy.
“None of the Armenian banks has since had any serious problems with liquidity or solvency, the RA Premier said. He pointed out that the Armenian Government supports the financial system by means of mechanisms of refinancing economic crediting.
“We are actually providing support in all the credited areas, with the net increase of credit portfolio being a key condition,” the Premier said.–0--
