YEREVAN, September 25. /ARKA/. At its today’s session, the Armenian government has found a proposal by MP Hrant Bagratyan to transform all the banks operating in Armenia into open joint stock companies for ensuring transparency to their activities not reasonable, deputy finance minister Safaryan said.

“We find this initiative not reasonable, since the latest amendments to the law on banks and banking activity have solved all the transparency-related problems in accordance with international norms,” Safaryan said.

Nevertheless, he said the government and the central bank may discuss Bagratyan’s proposal that all new banks that may be established in Armenia should operate only as open joint stock companies.

Twenty one commercial banks and the All-Armenian Bank function in Armenia now. Their assets totaled AMD 2916.7 billion in Jan-June 2014 after shrinking 0.74% since the beginning of the year. Their aggregate liabilities amounted to AMD 2429.6 billion (1.61% decline) and their capital to AMD 487.1 billion (3.85% growth). ($1 – AMD 406.8). --0--