Vardanyan: Armenia’s banking system one of most reliable in CIS

04.03.2010 21:38
Vardanyan: Armenia’s banking system one of most reliable in CIS

YEREVAN, March 4. /ARKA/. Armenia’s banking system is one of most reliable in Commonwealth of Independent States, Ruben Vardanyan, the head of Troika Dialog Group’s directorial board, said Thursday at a press conference.

He said that Armenian banks have survived the crisis and remained firm, he said answering the question ARKA News Agency put to him.

Speaking about further developments, Vardanyan said that this is connected with economic situation as a whole.

“Everybody will find himself in very complicated situation unless the economy is re-launched, economic growth resumes and room for extending loans to companies and enterprises appears to enable them to receive profits for repaying borrowed money and interests,” he said.

He said that “we live in quite complicated time”.

“There is a clear understanding of what was wrong and what needs changes. But is isn’t clear yet how to change all. There are many grave problems waiting for their solutions. Regulation of banks and control over them as well as liabilities-to-capital ratio are among them. But there are no solutions so far.”

Twenty two banks with their 382 branches function in Armenia now.
The banks’ assets totaled AMD 1346.1 billion and liabilities AMD 1059.3 billion by late December.

Their total capital amounted to AMD 286.8 billion, aggregate capital AMD 286.8 billion and investments AMD 717.2 billion.

Armenian commercial banks’ net profits totaled AMD 15.4 billion. ($1= AMD 385.68). -0--


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