YEREVAN, October 14. /ARKA/. Armenia’s banking system seems highly resistant to possible shocks, Garegin Tosunyan, the president of the Association of Russian Banks, told ARKA News Agency on Friday.

He said that the bank markets of the Eurasian space and Europe are at a low ebb now, and in this regard, the banking market heavily depends on things in economy.

“Economy in Armenia, just like in Russia, is not on the rise now, as I know,” he said. “As I understand - here, like in our country, the main problem is to get out not just from stagnation, but from recession because of major correlability.”

Tosunyan stressed that the banking system can’t feel good for this very reason.

“But the fact that it works steady and that you have a quite reasonable surveillance and regulation, which ward off excessive stresses caused by economic things, gives grounds for optimism,” he said in his interview.

In his words, the global economic and financial recession can’t last too long.

“I am convinced that we’ll see positive things in the foreseeable future,” Tosunyan said. “At the same time, the stressing period allows the system to reassess risks and reconsider requirements to themselves and to clients.”

This is going on now in Russia, he said, though this is a very painful process. Armenia has gone through this trial long ago, preserving the excessive number of banks, in my opinion, but retaining its ability to resist stresses. --0---