YEREVAN, August 6. /ARKA/. Maintaining Armenian banking sector's stability is very important amid ongoing coronavirus crisis, said Seyran Sargsyan, the executive director of the Union of Banks of Armenia (UBA), which has become 25 years old.

According to Sargsyan, since its inception, the UBA has defended and represented the interests of banks in legislative, executive bodies, non-governmental and international organizations.

He said also apart from  coordinating issues of general and overarching importance for the banking sector, the Union participated in the development and examination of legislation related to this area. In order to improve the efficiency of the system, it also supported the introduction of advanced banking technologies and bringing banking services in line with international standards.

"As a result of 25 years of joint work with the commercial banks of Armenia and the Central Bank, today we have a modern reliable banking system. Having gone through the formation and development stages, we managed to create a stable basis, preconditions for solving current problems," Sargsyan said.

He said stability is important for the banks to remain sufficiently capitalized and liquid.

'Thus, the support and trust of our clients is very important to us, because any challenge can be overcome when there is the common goal is mutual trust, "Sargsyan said. -0-