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Armenia's Banking System Shields Country As Crisis Bites, Premier Sa

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  • Armenia's Banking System Shields Country As Crisis Bites, Premier Sa

    ARMENIA'S BANKING SYSTEM SHIELDS COUNTRY AS CRISIS BITES, PREMIER SAYS

    ARKA
    Dec 16, 2008

    YEREVAN, December 16. /ARKA/. Armenia's stability during the global
    financial crisis is thanks to the robust banking system, RA Prime
    Minister told the Golos Armenii (Voice of Armenia).

    The impact force of the crisis depends on a country's international
    balance of payment, as well as trade and financial flows, Sargsyan
    said, pointing out 30% adequacy and high liquidity of local banks.

    The banks continue their harsh and shrewd policy despite sharp
    criticism of the real sector of economy, the premier added.

    He emphasized the role of the Central Bank's policy, saying it is
    the only remedy from the crisis.

    Twenty-two commercial banks with 367 branches are currently operating
    in Armenia. As of September 30, 2008, total assets and capital of
    local banks amounted to 954.1bln drams and 214.9bln drams respectively,
    with their liabilities totaling 739.2bln drams.

    During the same period, crediting of Armenia's economy reached
    617.5bln drams against 434.5bln drams earlier this year, with consumer
    credits and mortgage loans amounting to 172.5bln drams and 81bln
    drams respectively. ($1-308.55 drams).
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