EDB chairman praises Armenia’s banking sector

07.09.2018 09:15
EDB chairman praises Armenia’s banking sector

ALMATY, September 6. /ARKA/. The banking system of Armenia is in excellent condition, Eurasian Development Bank (EDB) board chairman Andrei Belyaninov said at a Eurasian Media Congress in Almaty, Kazakhstan, on Thursday.

"We actively cooperate with Armenian banks and as far as I understand, Armenia's banking sector is in excellent condition," Belyaninov said.

He also praised Armenian Central Bank’s proposal to increase the equity cap for Armenian commercial banks to $100 million. He said that even in Russia not every bank can boast of such a result.

At the end of 2014, Armenia’s Central Bank decided to increase the equity cap for commercial banks from 1 January 2017 to 30 billion drams ($61.9 million), up from the previous 5 billion drams (about $10.3 million). There are 17 commercial banks in Armenia today.

EDB’s investment portfolio as of August 1, 2018 stood at $3.092 billion. Some 76 investment projects in 6 member countries of the Bank are in the financing stage.

The Eurasian Media Congress, organized by the Eurasian Development Bank, is taking place in the suburbs of Almaty on September 5-8. About 60 representatives of the leading media of the EDB member states are taking part in the congress.

The Eurasian Development Bank (EDB) is an international financial institution established by Russia and Kazakhstan in January 2006 to promote development of the market economy of the participating countries, their sustainable economic growth and the expansion of mutual trade and economic ties. The authorized capital of the EDB is $7 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. --0—

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