Government to step up work for turning Armenia into regional financial center only after overcoming crisis

29.12.2009 21:17
Government to step up work for turning Armenia into regional financial center only after overcoming crisis

YEREVAN, December 29, /ARKA/. Central Bank of Armenia governor, Arthur Javadian, said Monday the government will step up the work for turning Armenia into a regional financial center only after it is back on track of economic recovery.

Answering questions during an online news conference at www.armbanks.am he said the government is working with differently international organizations to this end conducting concurrent studies.

According to him, still paralyzed by the crisis not only the regional but also the global financial system has taken up a wait-and-see stance.

“We shall step up the work to make Armenia a regional financial crisis after we are out of it and have reached a certain degree of stability,’ he said.

According to him, the first step on this path is to create a necessary infrastructure and bring the national legislation in compliance with international standards. Javadian described the work to this end as extremely effective, mentioning, particularly, introduction of financial ombudsman and enforcing a legislation-backed system for protection of consumers’ rights. In terms of standards regulation he singled out bringing the sector in conformity with European directives and international financial reporting standards ( (IFRS). -0-


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