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YEREVAN. – The heads of four banks operating in Armenia have submitted resignations over the course of past week, Haykakan Zhamanak daily reported.

“It is not yet known to what extent these resignations are linked to the [most recent] sharp depreciation of the dram [, Armenia’s national currency,] and the tense situation in the [country’s] foreign currency [exchange] market.

“According to our information, [the executives of] Artsakhbank, Inecobank, Areximbank, and BTA Bank have handed in their resignations. 

“According to our information, the Artsakhbank and Inecobank executives submitted their resignations on [Wednesday,] December 17.

“The BTA Bank director submitted his resignation a week ago, since he is returning to the homeland, Kazakhstan.

“According to our information, the Arexim[bank] CEO’s resignation is due to the fact that he is moving on to another job in the RF [i.e., the Russian Federation],” Haykakan Zhamanak wrote.

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