IFC: Armenian, Georgian banking systems have room for long-term development

YEREVAN, October 19. /ARKA/. On Monday, Thomas Lubeck, the head of the IFC Caucasus office, speaking at a press conference in Yerevan, said Armenian and Georgian banking systems have room for long-term development.

He views considerable room for crediting and depositing.

Lubeck thinks both countries have competitive banking systems.

He said Armenian banks have greater accumulated capital than Georgian, but Georgian banks faced problems triggered not only by the global recession, but also by complicated political situation in the region.

The head of the IFC Caucasus office said that Armenia and Georgia are under equal pressure of capital, and both countries have no problems with liquidity.

According to ARKA News Agency’s preliminary data, Armenian banks’ aggregate assets reached AMD 1226.4 billion by September 30, 2009, after growing 22.2% or by AMD 229.8 billion, compared with the beginning of the year.

The banks’ liabilities totaled AMD 999.6 billion by late September after growing 25.45% or by AMD 202.8 billion and their aggregate capital amounted to AMD 266.8 billion after growing 11.3% or by AMD 27 billion, compared with early January. ($1 = AMD 386.07).-0---