YEREVAN, April 17. /ARKA/. The Union of Banks of Armenia (UBA) blamed the rise in prices for a string of banking services on the Russian-Ukrainian conflict, which it said has brought about various restrictions, which in turn are having negative impact on financial markets around the world, leading to fluctuations in exchange rates, limiting the possibility of financial transfers, the emergence of shadow currency markets in several countries and so on.

The UBA's comment comes after the rise in prices for a number of services provided by commercial banks triggered what UBA described as 'unfounded statements and assessments by uninformed and incompetent people.'

It said the Armenian banking system is not immune from these external factors. "In order to contain and effectively manage the new financial risks, ensure normal and smooth operation of the system, as well as proper customer service, the policy of the banking system and measures taken are reasonable, adequate and effective," the UBA stressed in a statement.

"In this regard, we urge all to refrain from unfounded manipulations about the activities of the banking system, from giving unsubstantiated assessments and from misleading the public," the SBA said. --0—