YEREVAN, February 10./ARKA/. Citizens’ confidence in the new pension system will emerge no later than in one year and six months, Armenian Finance Minister David Sargsyan told journalists on Friday in Tsakhkadzor, where a conference focused on the country’s capital market was held.

“In six months, when our citizens put their bank cards in ATMs to see their salaries, they’ll also see another button for looking through their pension account,” he said. “And when people see the money they transferred to their pension accounts and the money added by the government and when they see the interests appearing here, this confidence will emerge.”

The minister said things were similar when obligatory car insurance was introduced in the country on January 1, 2011 – people were opposed to the system. However, in three or four months, when first insurance payments were made, car owners understood what it was.

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Bank VTB (Armenia) has paid old-age and retirement pensions to 7,444 senior Armenian citizens.

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Head of the Office of Armenia’s Financial Ombudsperson said today it had levied 28.3 million Drams last year in favor of citizens, up from 26 million Drams in the preceding year.

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Over 18 million Drams were exacted in favor of Armenian citizens over the first nine months of the year by Armenia’s office of financial ombudsman.

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About 50% of respondents surveyed on www.armbanks.am are sceptical about the government’s bailout plan.

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