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Policy Of Armenian Credit Companies Deserves Positive Mentions

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  • Policy Of Armenian Credit Companies Deserves Positive Mentions

    POLICY OF ARMENIAN CREDIT COMPANIES DESERVES POSITIVE MENTIONS

    ArmInfo
    11.03.2010

    ArmInfo. The policy and activity of the Armenian credit organizations
    in the financial market of Armenia deserve positive mentions, said Vahe
    Vardanyan, Head of the Department for Financial Policy and Financial
    Stability of the Central Bank of Armenia (CBA), at the first annual
    meeting of the Association of credit organizations. "It is noteworthy
    that last year the credit organizations of Armenia managed to ensure
    growth in the main financial indices. In particular, the organizations
    increased the assets by 15%, having secured a summary profit of 2.6
    bln AMD", - stressed the CB representative. According to him, this
    demonstrates high-quality management and risk management system in
    credit organizations.

    At present there are a total of 28 credit organizations in the
    financial market of Armenia. Such a big number of players in this
    market shows that the services of credit companies are in big demand,
    and their activity is carried out according to the principle of
    replenishing the banking proposal in certain sectors of economy. This
    leads to acceleration of development of both banks and non-banking
    micro-finance, mortgage, leasing and other organizations, as well as
    to creation of healthy competition in the market.

    To note, the Association of credit organizations of Armenia was
    registered by the Central bank of Armenia in December 2008. The
    member founders of the Association are 6 credit organizations out of
    the 28 in operation, namely: UCO FINCA, New Horizon, GFC - General
    Financial Credit Company, SEF International, Farm Credit Armenia and
    AREGAK. At the end of 2009, the share of these organizations made up
    40% of the total amount of assets of all credit organizations, over
    43% of the credit portfolio, and over 42% of their total capital. The
    Association contributes to development of the financial-credit system
    of Armenia by means of effective and complete implementation of the
    potential of credit organizations. The key task of the Association
    is to represent the interests of its members in the CBA, governmental
    and non-governmental bodies.
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