17.12.2018 16:38
YEREVAN, December 17. /ARKA/. The Armenian financial system owes its stability amid political shocks to the central bank’s hard and long-term work, Nerses Yeritsyan, deputy chairman of the Central Bank of Armenia, said Friday at Fitch Ratings annual conference in Yerevan.
“This is the result of a serious work, which maybe is not visible from the outside,” he said. “When we increased capital for the banking system [minimum capital requirement to banks], we created buffers. We were criticized and accused of intention to suffocate competition, but we were doing our job. We hobble things to shield our financial system from inside and outside shocks.”
And these efforts, he said, have produced visible results – and the central bank ensures stability to the financial sector, prices and markets.
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