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Number of banks to reduce in Armenia - economist
15:30 / 27.02.2015
Only 5-6 banks in Armenia reach 30 billion line and they are given
time to raise their capital, economist Vilen Khachatryan told the
reporters today, stressing that the issue is that there are banks who
must add their capital thrice.
"In conditions of current financial difficulties it will lead to the
uniting of the banks or more right to say the big ones will swallow
the ones with smaller capital and the number of banks will reduce by
5-6," he said, adding that it will result in weakening of the
competition, reduction of the number of employees. The economist said
it is not excluded that they will not unite but just close.
Khachatryan also spoke about the financial integration organization
which calculates the amount of outflow of illegal capital. "Statistics
for Armenia is presented as of December 2014. In this report the
amount of the illegal capital flow from Armenia during 2002-2012 is
said reach 750 million USD. In 2012 the volume has grown making 1
billion 200 million USD," he said.
The economist stressed that it is almost impossible for Armenia to
avoid capital outflow. He stressed that only countries with positive
trade balance [more export, less import] manage to avoid capital
outflow. "If we too have it we will avoid capital outflow before
reaching it we will be condemned to it," he added.
http://nyut.am/archives/337286?lang=en
From: A. Papazian
15:30 / 27.02.2015
Only 5-6 banks in Armenia reach 30 billion line and they are given
time to raise their capital, economist Vilen Khachatryan told the
reporters today, stressing that the issue is that there are banks who
must add their capital thrice.
"In conditions of current financial difficulties it will lead to the
uniting of the banks or more right to say the big ones will swallow
the ones with smaller capital and the number of banks will reduce by
5-6," he said, adding that it will result in weakening of the
competition, reduction of the number of employees. The economist said
it is not excluded that they will not unite but just close.
Khachatryan also spoke about the financial integration organization
which calculates the amount of outflow of illegal capital. "Statistics
for Armenia is presented as of December 2014. In this report the
amount of the illegal capital flow from Armenia during 2002-2012 is
said reach 750 million USD. In 2012 the volume has grown making 1
billion 200 million USD," he said.
The economist stressed that it is almost impossible for Armenia to
avoid capital outflow. He stressed that only countries with positive
trade balance [more export, less import] manage to avoid capital
outflow. "If we too have it we will avoid capital outflow before
reaching it we will be condemned to it," he added.
http://nyut.am/archives/337286?lang=en
From: A. Papazian