For the development of the banking system, it is necessary to provide the population with financial education and increased literacy, said the candidate to the post of the CB head Martin Galstyan.

According to him, expanding access to finance, increasing competition and transparency is of no small importance. 

Galstyan also noted that consumer protection is one of the most important issues and tasks of the Central Bank.

“Certain changes have been made in this field,” he said. “Complicating the life of banks, the Central Bank decided that each consumer should subscribe to what he knows about the actual interest rate on the loan he has taken. The actual interest rate on the loan should be clearly visible on the first page of the contract.”

According to him, much should be done in this regard, but it is not necessary to mislead people with the aim of selling the product, but rather, to give them the opportunity to do something with the help of this loan.