YEREVAN, March 10. /ARKA/. Vahe Vardanyan, chief of Armenian Central Bank’s division for regulating financial system policy, speaking Wednesday at an annual assembly of Association of Credit Organizations of Armenia, expressed satisfaction at management at Armenian credit organizations.

He said that proper management enables credit organizations to control financial risks.

As evidence of that, Vardanyan pointed out credit organizations’ profits that totaled AMD 2.6 billion in 2009.

“This is quite high result, compared with other financial organizations,” he said.

Vardanyan also said that the number of credit organizations rose a great deal for last two or three years.

It means their services are highly demanded in the country.

The chief of the unit said that unlike banks, credit organizations offer some specific services.

Some credit organizations focus on micro credits and mortgage loans.

Aggregate assets of Armenian credit organizations amounted to AMD 75.8 billion, total capital reached AMD 26.2 billion, and liabilities AMD 49.6 billion by late December 2009.

Credit organizations have lent AMD 44.1 billion to the economic sector.

Armenia has 28 credit organizations now. ($1 = AMD 388.92).  --0--