YEREVAN. – The new image of banking system in Armenia will form by the year’s end, Samvel Chzmachyan, Chairman of the Union of Banks of Armenia, told Armenian News-NEWS.am.
He noted this speaking about the accomplishments of Armenia’s banking system, over the course of the 25 years of the country’s independence.
As per Chzmachyan, the formation of the banking system, just like the formation of the other key institutions, however, did not go smoothly in Armenia.
But after a quarter century, according to him, the banking system in Armenia is a dozen times stronger and more reliable than in the 1990s.
Samvel Chzmachyan noted that the new image of the banking system in Armenia will comprise banks, each of which having a regulatory total capital of more than 30 billion drams (approx. $63,215,400).
Also, an additional capital of close to $300 million will flow into the banking system of Armenia, and this will be placed in the economy and will become a major impetus for its further development.
As per Chzmachyan, such a respectable volume of credit resources to Armenia will undoubtedly result in a reduction in loan interest rates in the country.
“The country’s banking system will always stand with real economy, with real people, helping and assisting them in the desire to build a better future,” concluded the chairman of the Union of Banks of Armenia.
