Commercial banks’ efforts to rid Armenia from economic crisis should be more vigorous

26.02.2010 12:45
Commercial banks’ efforts to rid Armenia from economic crisis should be more vigorous

YEREVAN, February 26. /ARKA/. Commercial banks’ efforts to rid Armenia from the economic crisis should be more vigorous, Tatul Manaseryan, Armenian Parliamnet Speaker’s adviser on economic issues, said Thursday at a press conference.

“Banking system’s activity amid the crisis can’t be viewed satisfactory, if it doesn’t serve the real sector’s interests,” he said.

In his opinion, when the government bears responsibility for attraction of financial resources from international organizations, commercial banks should become agents of the state.

“The government can set interest rates, at which banks will distribute funds,” the expert said.

He said that this move would contribute a great deal to recovery of national economy.

Armenian banks’ aggregate credit portfolio reached AMD 698.9 billion by late December after growing 3.8% or by AMD 25.8 billion since November.

Their credit portfolio grew 13.1% or by AMD 88.1 billion, compared with the beginning of 2009.

Twenty two commercial banks with their 382 branches functioned in Armenia as of December 31, 2009.

Armenia recorded 14.4% economic decline in 2009.

In the 2010 state budget, GDP growth is planned at 1.2%. ($1 = AMD 382.41). --0--


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