CBA: Armenia creates favorable conditions for foreign financial entities

PanARMENIAN.Net - Central Bank of Armenia (CBA) always pursued liberal policy to attract foreign capital and institutions, the share of which already reached 80% in the national capital, CBA chairman said.

“CBA always welcomed cooperation of financial market participants with foreign partners,” Arthur Javadyan said during “Business Forum Armenia: Opportunities for Growth and International Experiences.”

In this context, he attached importance to the implementation of the Black Sea Trade and Development Bank (BSTDB) program in Armenia aimed at economic development, with stable banking system being a reliable partner.

“Though the banking system demonstrated its viability during the financial crisis, the financial mediation level in the country’s economy remains a challenge,” Mr. Javadyan said, adding that the level of financial mediation totals 54%.

BSTDB president Andrey Kondakov, in turn, stressed Armenia as a country with sustainable economic growth, well-defined inflation, stable currency, fair fiscal management and low state debt in the post-crisis period.

BSTDB board meeting is due on June 24, with redistribution of bank profits, total scores and activities completed in member-states on the agenda.