YEREVAN, December 29. /ARKA/. Consolidation of the banking system will facilitate external shock resistance, head of the Central Bank of Armenia Artur Javadyan said at a New Year reception in the bank.

“Despite the fact that the banking system is quite capitalized, we will raise the stability requirement substantially in 2015”, Javadyan said.

According to the head of the central bank, it will help improve the financial system’s strength against outer shocks and increase the competitiveness of the banking system in the region.

Consolidation is a convincing way to do that, Javadyan said as cited by the press office of the regulator.

Javadyan stressed the central bank is prepared to be efficient and responsible in performing its functions.

Let 2015 be a year of peace, achievements and success in overcoming challenges, the head of the central bank said.

There are currently 21 commercial banks and the All-Armenian Bank operating in the country. –0--