Armenia’s central bank announces third "My Money Month" program

31.03.2016 19:10
Armenia’s central bank announces third

YEREVAN, March 31. /ARKA/. Armenia's Central Bank has announced today the launch of the third "My Money Month" program, designed to strengthen the trust of the Armenian population in local financial institutions.

The Central Bank  has developed measures to inform the population about existing safety systems in the financial sector, to illustrate the risks inherent in taking loans and to show ways how to generate financial assets with the help of simple budget planning tools.

"According to a survey, almost 45% of the population do not plan their income and expenses, and 60% who have savings,  keep them at homes,",  a member of the Central Bank Board  Armenak Darbinyan said at the event.

According to him, the program aims to teach citizens how to effectively invest their savings, to plan for income and expenses, avoid debts, where and who address to for protection of their interests and how to avoid financial frauds.

The chairman of the Union of Banks of Armenia Samvel Chzmachyan said savings shape the sense of security and confidence, so it is important that the program will be available specifically to those sectors of the population who are not informed about the services and products of banks.

"The program is not so much theoretical as practical as the planned measures will focus on four main themes - finance for children, debt management, insurance and savings,' Chzmachyan said.

The "My Money Month" to run through April 30 is a joint initiative of the Central Bank, the Office of Financial Ombudsman, the Deposit Insurance Fund, the Union of Armenian Banks, Yerevan Mayor's Office, the Bureau of Motor Insurers, NASDAQ OMX Armenia stock exchange and other organizations. -0-


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