Banking legislation stipulates that political developments do not affect Armenian business community, Araratbank CEO said.

“Though business environment is sensitive to any political changes, we must note that forthcoming elections will not be held for the first time in Armenia,” Ashot Osipyan said, adding that elections don’t seriously affect the banking sector.

Armenia will see subsequent parliamentary and presidential elections in May, 2012 and 2013 respectively.

Russian presidential elections will be held on March 4, 2012, with parliamentary ones already held on December 4.

Deputy Chairman of the Eurasian Development Bank (EDB) Dmitry Zhurba, in turn, noted that under the EDB Code of Ethics, bank employees are banned to comment on the political situation of EDB member states.