Armenian banks maintained their stability – head of CBA

04.01.2010 13:30
Armenian banks maintained their stability – head of CBA

YEREVAN, January 4. /ARKA/. “Despite negative impact of global crisis in 2009 Armenian banks could manage to maintain stability”, said Ararat Ghukasyan, Chairman of Union of Banks of Armenia during the press-conference on Tuesday.

“The year 2009 was a difficult year for the Armenian banks, but they could manage to perform their task – implementation of financial intervention due to own potential”, he said.

Armenia became one of the few countries where the banking system could manage to remain stable and expand its activities. In the first and second quarters of 2009 Armenian banks demonstrated some carefulness and didn’t conduct expansive policy emphasizing risk management and possible neutralization of risk consequences.

From the third quarter the banks started to conduct expansive policy by the assistance of the government and CBA. “In 2009, despite the difficulties, 7 banks replenished their charter capital by 27 billion drams.

It means that the bankers and shareholders believe in the sequence of activities and consider the banking system reliable for investments”, said Ghukasyan.

In 2009 the banks continued to conduct technical modernization, 12 branches were opened, new services were introduced, particularly Internet banking. “Very soon another 1-2 banks will introduce services of mobile banking and the citizens could manage their financial resources 24 hours”, he said.

As of September 30, 2009, 22 banks are operating in Armenia. Total assets of the banking system of Armenia were 1266.4 billion drams which were increased by 229.8 billion drams or 22.2% compared with the beginning of the year. The volume of total liabilities was increased by 202.8 billion drams or 25.45% and made 999.6 billion drams. ($1 – 377.32 drams).--0—

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