TSAKHKADZOR, February 7. /ARKA/. Stable development and diversification of the financial system are the key directions of Armenian central bank’s strategy, head of the Central Bank of Armenia Artur Javadyan said.

A developed capital market is required for achieving these targets, Javadyan said at the opening of “Armenian capital market: New opportunities and challenges” in Tsakhkadzor Friday.

Development of the capital market remains a priority, the head of the Central Bank said adding good progress is recorded in development of institutional and market infrastructures.

“We are constantly promoting investors and issuers to expand investment capacities through issuance of securities”, Javadyan said adding a number of rating organizations have been invited to Armenia

“We have already received a cooperation offer from Fitch”, Javadyan said.

The head of the central bank said huge efforts were made to raise investor, issuer and public awareness of Armenia’s capital market. Further measures include building a local corporate bond market to eventually form a liquid market for attracting new capital.

“Creating regional capacities, together with Georgia and Russia in particular, is on our agenda”, head of the Central Bank of Armenia said.

The recent instability in the global and developing markets may contribute to reduction in capital flow to new markets, and Armenia should ensure outstripping growth rates compared to major markets to attract many investors to the country, Javadyan said.
“We intend to do it”, he said.

Conference entitled “Armenian capital market: New opportunities and challenges” started in Armenia’s Tsakhkadzor resort town Friday. The conference is attended by head of the Central Bank of Armenia Artur Javadyan, minister of finance David Sargsyan, EBRD head of department for local forex and capital markets Andre Kuusvek, director of NASDAQ OMX Armenia stock exchange Konstantin Saroyan, IMF resident representative in Armenia Teresa Daban Sanchez, heads of Armenian banks and representatives of leading financial organizations. –0--