YEREVAN. – Armenian banks must brace for an oil price slump down to $30-40 and conduct necessary stress tests, Mr Vilen Khachatryan, an economic expert, told the media in Yerevan on Saturday.
It’s necessary to find out whether the national banking system will prove resilient, because oil prices are close to the bottom of 2009, when they hit the support point of $41 per barrel, he said.
Decline in oil prices is most likely to drag down the ruble exchange rate, which is another potential shock for Armenian financial system, Khachatryan added.
“This could occur after the final lifting of the U.S. sanctions from Iran, which will increase supply in the crude market,” he said.
The latest ICE quotes of Brent and WTI crude oil have reached $45.4 and $40.3 respectively.
