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2006 crucial year for mortgage market development in Armenia

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  • 2006 crucial year for mortgage market development in Armenia

    2006 CRUCIAL YEAR FOR MORTGAGE MARKET DEVELOPMENT IN ARMENIA

    ARKA News Agency, Armenia
    March 16 2006

    YEREVAN, March 16. /ARKA/. The year 2006 will be crucial for mortgage
    market development in Armenia, the newly appointed Chairman of the
    Union of Banks of Armenia (UBA) Stepan Gichyan stated in his interview
    to the Ra public Television.

    "The mortgage market remains in the center of attention of the RA
    President and Government, as well as of the heads of banks and the
    UBA," Gishyan said.

    He pointed out that Armenia's banks intend to intensify their
    activities in developing the mortgage market.

    He also stressed that the UBA intends to take a number of steps,
    particularly, enhance is role in drafting economic bills for banks'
    interests to be represented in a better way.

    Gishyan also pointed out that one of the UBA's most important tasks
    is facilitating the increase in the number of transactions effected
    by means of banks, which will reduce the share of shadow economy.

    According to him, the mobilization of Armenian banks' resources will
    contribute to the formation of internal resources, which will later
    be provided to economic entities. P.T. -0--
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