IFC helps Ameriabank improve risk managementOctober 15, 2010 - 14:15 AMT PanARMENIAN.Net - IFC, a member of the World Bank Group, is helping Armenia’s Ameriabank engage for the first time in international interest-rate and currency-swap transactions, which will strengthen the Armenian financial system by reducing currency and interest-rate risks. IFC and Ameriabank signed an International Swaps and Derivatives Association master agreement, the international standard for risk management. Under the agreement, UFC will provide Ameriabank with U.S.-dollar interest-rate swaps and multiple-currency swaps, enabling the bank to better manage its interest-rate risks on borrowed funds as well as currency risks for its euro deposit base, and provide a wider range of deposit products to customers.. “This transaction will help strengthen our risk-management capacity, which is particularly important in the post-crisis period,” said Andrei Shinkevich, Investment Banking Director of Ameriabank. Thomas Lubeck, IFC Regional Head of the Caucasus said: “This is our first swap agreement in Armenia are we are happy to be providing this high-level financial technology. It will provide Ameriabank with important risk management tool and improve the bank’s sustainability.” Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia provides info about arrested Armenian ex-MP Russian law enforcement agencies have provided information about the arrest of Tigran Urikhanyan. Lemkin Institue slams Pashinyan's “cryptic engagement with Genocide denial” The Lemkin Institute is alarmed over Pashinyan’s statements “questioning Armenia's legal basis to pursue justice against Turkey”. 41 detained as antigovernment protests continue in Yerevan 41 people were detained in Yerevan as people demanding Pashinian’s resignation stage campaigns of civil disobedience. Armenia votes for UN resolution granting Palestine new rights The U.N. General Assembly voted by a wide margin on May 10 to grant new “rights and privileges” to Palestine. |