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CBA Actvity Meets Most International Standards

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  • CBA Actvity Meets Most International Standards

    CBA ACTVITY MEETS MOST INTERNATIONAL STANDARDS

    ARKA
    April 7, 2008

    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.
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