YEREVAN, September 4. / ARKA /. The Armenian banking system is ready to transition to savings banks, Ilonka Ruhle, a representative of the Savings Banks Foundation for International Cooperation (SBFIC), said today.

"Armenian banking sector, the Central Bank and financial institutions are quite strong,” she said when speaking at the fifth international conference on financial mediators in Armenia’s resort town of Tsakhkadzor.

According to her, the high quality of banking sector’s indicators is evidenced by the level of public confidence in the financial system.

However, according to the expert, despite advances in the financial market, it is time for Armenia to introduce a new business model - a system of savings banks.

According to her, the transition requires passage of appropriate legislation and regulations, and development of short-term and long-term models.

Today Armenia has 21 commercial banks and the Pan-Armenian Bank. Their total assets in the first half of 2014 amounted to 2.916 700 trillion drams (a decline of 0.74 percent from the beginning of the year), their obligations stood at about 2.5 trillion drams (a decline of 1.61%) and their capital – at 487. 1 billion. drams (a growth of 3.85%).

The conference in Tsakhkadzor is looking into financial supervision systems of different countries, mechanisms for protection of consumer rights, new financial products such as micro-insurance and mobile payments. The conference has brought to Armenia specialists from UK, Canada, Luxembourg, Germany, the USA and the Netherlands. ($ 1 - 410.73 drams). -0—