Armenia has developed sound and stable financial system: Central Bank chairman
18.10.2010,
21:47
Armenia’s Central Bank chairman Arthur Javadian described the country’s financial system as ‘sound, increasingly developing, effective and well-controlled’ as he addressed the participants of the first Pan-Armenian Conference of Bankers and Financiers.
YEREVAN, October 18, /ARKA/. Armenia’s Central Bank chairman Arthur Javadian described the country’s financial system as ‘sound, increasingly developing, effective and well-controlled’ as he addressed the participants of the first Pan-Armenian Conference of Bankers and Financiers that opened today in Yerevan. The Conference, organized by Armenian Diaspora ministry in cooperation with the Central Bank and the Union of Armenian Banks, has brought together 45 bankers and financiers of Armenian origin from Russia, Ukraine, France, UK, Spain, USA, Lebanon and the United Arab Emirates.
Mr. Javadian said in terms of stability Armenia’s banking system was rated by World Competitiveness Index as the steadiest in the region. He stressed further that coordinated steps to provide customers with quality and safe financial services as well as creation of effective mechanisms for stimulating investments in the economy are mandatory for future progress, adding that the major efforts should be directed at providing quality and innovative financial services since small countries like Armenia may increase their competitiveness only in knowledge-based sectors of economy, and the financial market is one of them.
He said the Central Bank’s policy has always been aimed at facilitating formation of necessary infrastructure and that the Central Bank as the only regulator of the financial market is implementing reforms in the banking, insurance and securities markets, designed to modernizer the system’s functioning and facilitate Armenia’s cooperation with leading international organizations.
The Central Bank’s governor spoke then about the country’s mortgage market, creation of the special National Mortgage Company, whose major goal is to help develop the secondary mortgage market.
“The banking system is the most developed sector of the national financial market and this is why Central Bank’s efforts have been aimed at helping the securities market get stronger,’ he said referring also to introduction of mandatory insurance of motor vehicles coming into force from January 1, 2011. He said this move will help formation of long-term investments in Armenia’s economy to stimulate insurance and financial markets.
Arthur Javadian also stressed the Central Bank’s efforts to protect the interests of financial services’ consumers and increase the population’s wariness of banking and financial services.
‘All these factors are creating a favorable environment for development of Armenia’s financial market, but Diaspora’s role in this can not be underestimated. Business contacts and the desire of Diaspora Armenians to work here were of key importance s for emergence of HSBC Bank Armenia, Troika Dialog, Unibank, Rosgosstrakh. I think we should multiply our efforts so that we have more such examples,’ he said. -0-
Mr. Javadian said in terms of stability Armenia’s banking system was rated by World Competitiveness Index as the steadiest in the region. He stressed further that coordinated steps to provide customers with quality and safe financial services as well as creation of effective mechanisms for stimulating investments in the economy are mandatory for future progress, adding that the major efforts should be directed at providing quality and innovative financial services since small countries like Armenia may increase their competitiveness only in knowledge-based sectors of economy, and the financial market is one of them.
He said the Central Bank’s policy has always been aimed at facilitating formation of necessary infrastructure and that the Central Bank as the only regulator of the financial market is implementing reforms in the banking, insurance and securities markets, designed to modernizer the system’s functioning and facilitate Armenia’s cooperation with leading international organizations.
The Central Bank’s governor spoke then about the country’s mortgage market, creation of the special National Mortgage Company, whose major goal is to help develop the secondary mortgage market.
“The banking system is the most developed sector of the national financial market and this is why Central Bank’s efforts have been aimed at helping the securities market get stronger,’ he said referring also to introduction of mandatory insurance of motor vehicles coming into force from January 1, 2011. He said this move will help formation of long-term investments in Armenia’s economy to stimulate insurance and financial markets.
Arthur Javadian also stressed the Central Bank’s efforts to protect the interests of financial services’ consumers and increase the population’s wariness of banking and financial services.
‘All these factors are creating a favorable environment for development of Armenia’s financial market, but Diaspora’s role in this can not be underestimated. Business contacts and the desire of Diaspora Armenians to work here were of key importance s for emergence of HSBC Bank Armenia, Troika Dialog, Unibank, Rosgosstrakh. I think we should multiply our efforts so that we have more such examples,’ he said. -0-
