Armenian banking system successfully managed to adapt to international standards, according to Sergey Grigoryan, Deputy Director of Association of Russian Banks analytical department.

“Based on its regulation, Armenian banking system is closer to Western standards than Russian one,” Grigoryan told July 20 Yerevan-Moscow TV bridge on Capital Outflow; Post-Soviet Space.

In this respect, Grigoryan noted that adapted International Financial Reporting Standards (IFRS) are already applied in Armenia, whereas Russia plans to implement them only in 2015.

“This is one of visual examples of how a smaller country may easier adapt to new conditions,” said the specialist.

Touching upon Armenian-Russian cooperation in the banking sphere, Representative of Association of Russian Banks underscored that presently assets of Russian banks in the Armenia’s banking system total $94 mln.