Institution of financial arbitration to build up confidence in Armenia’s banking system

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14.02.2008, 03:43

The institution of financial arbitration will build up confidence in the country’s banking system, Chairman of the Central Bank of Armenia (CBA) Tigran Sargsyan stated at a briefing at the RA Government, presenting a package of new bills.

YEREVAN, February 13. /ARKA/. The institution of financial arbitration will build up confidence in the country’s banking system, Chairman of the Central Bank of Armenia (CBA) Tigran Sargsyan stated at a briefing at the RA Government, presenting a package of new bills. The Government approved the package.

“The financial arbiter will promptly consider complaints free of charge and make decisions on citizens’ complaints about banking services rendered to them,” Sargsyan said.

He pointed out that the institute of financial arbiter is a real opportunity for building up confidence in the banking system. The international experience shows that 95% of financial disputes are settled within 2-3 days, which, in turn, increases the share of financial intermediation.

At its sitting on Wednesday, the RA Government approved bills “On crediting of consumers”, “On financial arbitration”, “On involvement of bank deposits”. Twenty-two banks are operating in Armenia. –0--

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