YEREVAN. – Armenia needs larger banks with access to international markets, former chairman of the Central Bank of Armenia Bagrat Asatryan said.

In 2015-16 the banks increased the authorized capital at the request of the Central Bank: the minimum required increased from 5 to 30 billion drams. However, this is not the volume which can be attractive in foreign markets.

“In the 90s our banking system was the most developed in the South Caucasus. Now, big banks that are represented on foreign capital markets are working in Georgia. Armenia lags behind,” he said.