PM: BANKING SYSTEM WINS CONFIDENCE OF ARMENIAN SOCIETY
26.06.2007,
06:03
The Armenian society has more confidence in the banking sector, which is rather stable now, said Armenia’s Prime Minister Serge Sargsyan during the annual meeting of the Union of Banks of Armenia.
YEREVAN, June 25. /ARKA/. The Armenian society has more confidence in the banking sector, which is rather stable now, said Armenia’s Prime Minister Serge Sargsyan during the annual meeting of the Union of Banks of Armenia.
“The advance growth of indices of the banking sector to the GDP testifies to that, and it is accounted first of all by the implementation of the principles of corporative management, as well as by formation of institutes, strengthening the safety of credit infrastructures, such as deposit guarantee fund, credit bureau, as well as unified payment system,” he said.
According to Sargsyan, Armenia’s banking system integrates into the world banking community with rapid steps, as well as accepts and implements the best international standards.
“Together we passed a long way of reformation, the structures, that did not withstand the competition and constantly violated the rules of market relations thus creating problems both for the system and the country as a whole, had to quit the banking system,” he said.
Sargsyan pointed out that there is a great field for activity in the banking sphere.
“The indices of financial mediation are still low, and the unit weight of credits in the GDP structure does not exceed 10%, which testifies to the fact that the participation of banks in the development of Armenia’s economy is not enough,” he said.
He pointed out that it is necessary to strive for credit means to be accessible for every businessman.
“The country’s every citizen should have a possibility to improve his housing conditions by means of mortgage credit, and the accessibility of credits for the young generation should contribute to their getting education,” Sargsyan said. L.M. –0--
“The advance growth of indices of the banking sector to the GDP testifies to that, and it is accounted first of all by the implementation of the principles of corporative management, as well as by formation of institutes, strengthening the safety of credit infrastructures, such as deposit guarantee fund, credit bureau, as well as unified payment system,” he said.
According to Sargsyan, Armenia’s banking system integrates into the world banking community with rapid steps, as well as accepts and implements the best international standards.
“Together we passed a long way of reformation, the structures, that did not withstand the competition and constantly violated the rules of market relations thus creating problems both for the system and the country as a whole, had to quit the banking system,” he said.
Sargsyan pointed out that there is a great field for activity in the banking sphere.
“The indices of financial mediation are still low, and the unit weight of credits in the GDP structure does not exceed 10%, which testifies to the fact that the participation of banks in the development of Armenia’s economy is not enough,” he said.
He pointed out that it is necessary to strive for credit means to be accessible for every businessman.
“The country’s every citizen should have a possibility to improve his housing conditions by means of mortgage credit, and the accessibility of credits for the young generation should contribute to their getting education,” Sargsyan said. L.M. –0--
