CBA actvity meets most international standards
08.04.2008,
01:25
Armenian Central Bank meets 73 out of 77 world transparency standards, CBA Board Chairman Tigran Sargssyan said.
YEREVAN, April 7. /ARKA/. Armenian Central Bank meets 73 out of 77 world transparency standards, CBA Board Chairman Tigran Sargssyan said. “Armenia fully fits 73 world standards, partially meets one and only three standards are not applied in our country,” Sargssyan said Monday presenting a new manual – CBA Activity Compliance with World Standards.
World banking standards were worked out by the Bank for International Settlements, World Bank, European Bank for Reconstruction and Development, and International Financial Corporation in 1993-1999. The International Monetary Fund set common requirements and standards for the central banks of all the member-countries in 1999.
The Central Bank of Armenia started adjusting its activities with the world standards in 1999.
Sargssyan said the manual presents the current transparency level of CBA activities. He also said CBA will regularly publish a report on the level of transparency and compliance with international standards.
“This manual is the first attempt in Armenia to report to the public and I hope it will become an example for the other departments to follow,” Sargssyan said.
The CBA Chairman also stressed that modern democratic developments imply transparency as a key criterion of democratic society. Transparency acquired even greater urgency after the revolutionary changes of the 90s in which the central banks adopted a policy of inflation targeting, Sargssyan reminded. --0--
World banking standards were worked out by the Bank for International Settlements, World Bank, European Bank for Reconstruction and Development, and International Financial Corporation in 1993-1999. The International Monetary Fund set common requirements and standards for the central banks of all the member-countries in 1999.
The Central Bank of Armenia started adjusting its activities with the world standards in 1999.
Sargssyan said the manual presents the current transparency level of CBA activities. He also said CBA will regularly publish a report on the level of transparency and compliance with international standards.
“This manual is the first attempt in Armenia to report to the public and I hope it will become an example for the other departments to follow,” Sargssyan said.
The CBA Chairman also stressed that modern democratic developments imply transparency as a key criterion of democratic society. Transparency acquired even greater urgency after the revolutionary changes of the 90s in which the central banks adopted a policy of inflation targeting, Sargssyan reminded. --0--
