Chairman of CBA: radical changes and relevant personnel base are required to make Armenia regional financial center

October 18, 2010 - 14:12 AMT

PanARMENIAN.Net - Chairman of the Central Bank of Armenia (CBA) Arthur Javadyan said that a regional research and educational center of the CBA is constructed in Dilijan resort to host various seminars, conferences and programs for both Armenia’s and region’s financial and banking systems.

Agreements in this direction have been reached with international, including European and Eurasian structures, Javadyan told all-Armenian conference of bankers and financiers organized by the Armenian Ministry of Diaspora jointly with the CBA and Union of Banks of Armenia.

He noted that it will be the first stage for making Armenia a regional financial center. Javadyan added that Armenia will need minimum three years to create the regional financial center.

According to him, 10-15 cities of Russia, Europe and the U.S. had stated about establishment of a similar center before the crisis, however, radical changes and a relevant personnel base are required for it.

Steps aimed at economy’s liberalization are required to make Armenia a financial center. “To this end, programs are implemented jointly with the government, specifically, on implementation of pension reforms and introduction of mandatory vehicle insurance, what will lead to establishment of new infrastructures and allow developing financial markets,” said Javadyan. He noted that currently commercial banks make 95% of Armenia’s financial market, which needs to be developed.

The conference, which brought together 100 participants from 10 countries, is aimed at facilitating activity of Armenian specialists in the field through creation of the all-Armenian community of bankers and financiers.