Anti-Competition Agreement Effects Notable in Armenia, Russian Expert Says
12.07.2008,
01:55
Effects of anti-corruption agreement are notable in Armenia’s financial market, said Olga Olenkina, Russian expert.
YEREVAN, July 11. /ARKA/. Effects of anti-corruption agreement are notable in Armenia’s financial market, said Olga Olenkina, Russian expert.
The RA Public Services Regulatory Commission made a decision on April 23 to combat illegal agreements in local financial market. Being involved in the Intergovernmental Council on Antimonopoly Policy (ICAP), Olenkina compared Armenian banking and competition laws with both international and Russian experience in the field and concluded that effects of anti-corruption agreement are notable in local market.
PSRC has been investigating the CBA (Central Bank of Armenia) Chairman’s allegations against Armenian banks which offer their customers as a precondition to turn to definite insurance companies and real estate agencies for additional services. According to CBA, this approach restricts the customers’ option right, thus suppressing free competition in local market.
At present, 10 licensed insurance companies, over 400 real estate agencies, 22 commercial banks and 23 credit organizations conduct business in Armenia.
Established in 1993, ICAP coordinates the anti-monopoly activities of the CIS members to foster free competition.. –0--
The RA Public Services Regulatory Commission made a decision on April 23 to combat illegal agreements in local financial market. Being involved in the Intergovernmental Council on Antimonopoly Policy (ICAP), Olenkina compared Armenian banking and competition laws with both international and Russian experience in the field and concluded that effects of anti-corruption agreement are notable in local market.
PSRC has been investigating the CBA (Central Bank of Armenia) Chairman’s allegations against Armenian banks which offer their customers as a precondition to turn to definite insurance companies and real estate agencies for additional services. According to CBA, this approach restricts the customers’ option right, thus suppressing free competition in local market.
At present, 10 licensed insurance companies, over 400 real estate agencies, 22 commercial banks and 23 credit organizations conduct business in Armenia.
Established in 1993, ICAP coordinates the anti-monopoly activities of the CIS members to foster free competition.. –0--
