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Will Armenia's Financial System Resist Crisis?

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  • Will Armenia's Financial System Resist Crisis?

    WILL ARMEENIA'S FINACIAL SYSTEM RESIST CRISIS?

    A1+
    [05:55 pm] 05 December, 2008

    Serzh Sargsyan held a consultation with the directors of the Armenian
    commercial banks. According to the press office of the president,
    the purpose of the consultation was to define the actions under the
    aggravation of the global economic crisis, taking into consideration
    the opinion of the banks as well. Serzh Sargsyan commended that the
    banks were able to resist the first surge of the crisis without major
    losses, which he finds to be the result of a wise policy. "Now that the
    financial crisis has been followed by the economic crisis, we should
    undertake action to be able to nourish the branches of economy which
    will generate profit, develop and create new jobs," he said noting
    that there are a number of programmes which will come true if there is
    finance. Serzh Sargsyan pointed to small and medium-size businesses,
    reiterating the assistance of the state to the banks in implementing
    those programmes. He also underscored promotion of exports. For his
    part, the president of the Central Bank Arthur Javadyan told about
    development and current tendencies in the banking system in 2008. He
    pointed to the high level of liquidity which makes the banks stable and
    able to resist risks. The president of the Central Bank said deposits
    by physical persons have increased over the past few months, and the
    relations of commercial banks with international organizations have
    improved. Over the past months contracts of 80 billion drams were
    signed which all include long-term financial assets.
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