To note, upon the request of Armenia’s Central Bank (CB), the WB conducted a consumer interest protection and financial literacy study in the country in January.

But Rutledge also noted that similar to other CIS countries, only 17 percent of Armenia’s citizens make use of formal financial services and this is a very low indicator, since it bespeaks the current lack of trust toward the financial system and the low level of financial literacy of the Armenian population.   

At this phase, the WB analysts underscore the need to raise the consumers’ financial literacy and to simplify the information provided by financial institutions. 

In his turn, CB Vice Chairman Nerses Yeritsyan noted that ever since 2007 Armenia is taking steps toward improving the protection of consumer interests.