Announcement

Collapse
No announcement yet.

President Of Armenia Met With Heads Of Commercial Banks

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • President Of Armenia Met With Heads Of Commercial Banks

    PRESIDENT OF ARMENIA MET WITH HEADS OF COMMERCIAL BANKS

    RIA OREANDA
    Dec 11 2008
    Russia

    Yerevan . OREANDA-NEWS . On December 05, 2008 President Serzh
    Sargsyan invited a working meeting with the participation of the
    heads of the Armenias commercial banks, reported the Official website
    http://news.president.am .

    The President of Armenia said that the purpose of the meeting is to
    define the steps which would be necessary to take in the wake of the
    deepening global financial crisis. Naturally, it should be done taking
    into consideration the opinion of the banking system.

    Speaking about the activities of the banking system during this period,
    the President of Armenia said, Thanks to our banks we were able to
    withstand the first wave of the crisis with no serious damage. I
    believe it was conditioned not in the lesser degree by our wise
    policy regarding both the attraction of resources as well as their
    distribution.

    I have often heard people saying that they trust the Armenian banks. It
    is undoubtedly an advantage and we ought to use it to its best. Now,
    when the financial crisis has been followed by the economic crisis,
    we should be able together with you to develop efficient measures to
    nourish those areas of economy which can bring profit, develop and
    create new jobs. And there are such businesses in Armenia.

    There are programs and these programs, even with a little financing,
    with the help of loans can be implemented. First of all, I am referring
    to small and medium businesses. You should be very active regarding
    these issues. Really, our banking system should be become a source of
    nourishment for the small and medium businesses. This should be your
    main objective and on this mission you will be, of course, supported
    by the state. We must foster the exports.

    I have been and will be pursuing these issues. Rest assured that the
    major package already adopted by the Government is the first step and
    not the last one. We should be able to continue to work with the same
    merit we have working with for the last months.

    And I repeat, we will support your efforts, we will be constantly
    looking for, finding and providing new resources, while you must use
    these resources for the development of our economy and the increase
    of our exports.

    According to Serzh Sargsyan, there are many factors in Armenia which
    make it possible to mitigate the repercussions of the global economic
    crisis. We can not remain isolated, can not declare that the global
    crisis will have no impact on Armenia, however there are many factors
    that can help minimize the consequences of the crisis, the President
    of Armenia noted and added that there were much more trying times in
    our states development process, in our economy, and this is not the
    worst of times.

    Serzh Sargsyan expressed readiness to listen to the proposals and
    recommendations of the participants to the meeting.

    The Chairman of the Central Bank Arthur Javadian spoke about
    developments in the banking system during the year of 2008 and
    currently observable trends. He said that the system stands out by
    its high degree of capitalization and liquidity which results in
    its stability and ability to absorb a number of risks. The system is
    functioning in the atmosphere of mutual trust and assistance.

    According to the Chairman of the CB, the augmentation of the initial
    capital in some banks, which took place earlier this year, continues
    even now. Deposits by physical persons are also on the rise. In
    his words, the relations of the Armenian commercial banks with the
    international institutions have also improved which resulted in signing
    in the second half of the year of the agreements worth 80 million ADM,
    all of which are long-term financial instruments.

    The participants to the meeting concurred that the proper use of the
    competitive and relative advantages of our country would provide an
    opportunity to mitigate the results of the global crisis.

    Discussed were also other issues related to the banking system,
    such as long-term and low interest loans, real estate and property
    securities. President Sargsyan discussed with the bankers possible
    solutions to all raised issues, and took note of their comments and
    proposals. He said that the final solutions for many of the mentioned
    issues would be forthcoming.

    Concluding the meeting, the President of Armenia underscored once
    again that that the state possesses sufficient resources to assist
    the banking system on the relevant issues, while the banks should work
    with a new ardor in the field of providing loans to the businesses.
Working...
X