Central Bank controls situation in Armenia’s financial system

PanARMENIAN.Net - The Central Bank of Armenia controls the situation and has sufficient tools to ensure stability in the country’s financial system, the CB said in a statement amid massive protests demanding the resignation of authorities across the republic.

According to the statement, the Central Bank, in accordance with the Constitution and the Law on the Central Bank of the Republic of Armenia, is an independent, apolitical professional body that has two overarching objectives - price stability and financial stability.

“Some media outlets and social media users today expressed concern about the exchange rate and the premature termination of deposit agreements by depositors,” the Bank said.

“The financial system of Armenia is an efficient system, banks have high liquidity, there are no problems with cash in the system, and reserves are at the highest level.”

The campaign against the Armenian authorities is in full swing across Yerevan and the rest of the republic on Wednesday, May 2 after the parliament failed to elect opposition leader Nikol Pashinyan as the country's new prime minister.

All the streets, as well as the metro, the road to the airport and the country’s railroad are currently blocked by groups of demonstrators.

Pashinyan, who has been leading the protests for several weeks now, needed more than half of all the votes - the support of 53 lawmakers - to secure the prime minister’s spot, but got only 45.

A second vote will be held a week later, and the candidate needs to collect at least one third of the votes to win.

The founder and head of Civil Contract party and lawmaker from the Yelk bloc, Pashinyan leads a street campaign against the ruling authorities, which has seen thousands of Armenians taking to the streets in massive protests.

Former prime minister Serzh Sargsyan was forced to resign on April 23, and Pashinyan is now seeking the appointment as prime minister by the National Assembly of what he calls “the people’s candidate”, - i.e. himself - the formation of an interim government and snap parliamentary elections.

Pashinyan has promised to rid Armenia of corruption and poverty.