PM: Armenia able to become regional financial center

YEREVAN, December 14. /ARKA/. Armenia’s ambitious plan to become the regional financial centre is grounded on real factors, Armenian Prime Minister Tigran Sargsyan said on Monday.

“We enjoy relative advantages in financial and banking sectors, and we should use them,” he said.

The premier told journalists that Armenia’s financial system has proved to be highly prepared for the crisis.

Unlike other CIS countries’ banks, Armenian commercial banks have received not a single dram from the central bank and the government as financial assistance.

“Commercial banks showed quite high indicators of conformity normative, had sufficient liquidity and were able to serve their clients independently,” Sargsyan said.

Besides, he said, Armenia has never faced problems with depositors.

“Our citizens were freely using their right to deposit and withdraw their money and convert currencies.”

The premier said that this absence of problems at economic entities and banks differs Armenia from other CIS countries, whose banking systems were badly in need of billions of dollars for solving their problems.

Armenia is singled out among other countries of the Commonwealth of Independent States for this circumstance.

At the same time, the premier pointed out that the global recession still bars Armenia from developing into the regional financial center.

To reach this goal, Armenia has to display its comparative and competitive advantages to the world market players to ensure high attractiveness and offer them those services Armenian financial market is able to provide.

“The niche we have chosen for transforming into a financial market is not actual amid the ongoing world crisis, and this circumstance has stricken hard at our concept,” Sargsyan said. “But we are convinced that after overcoming the crisis, we must show our niche and peculiarities on the world market and offer our specific services differing from those offered by other financial centers and attract world market players.”

The prime minister pointed out operational and deposit services on securities issued by the region’s countries, investment and asset-running funds, services for Islamic countries, financial reforms and financial services among Armenian communities worldwide as Armenia’s advantages.-0-

spot_img

POPULAR

AMX held government bond placement and exchange auctions totaling approximately 38 billion drams

Yesterday, the Armenia Securities Exchange held a government bond placement auction totaling 35 billion drams and exchange auctions totaling over 2.9 billion drams.

Armenian investment company assets have grown approximately sixfold since 2021, exceeding 400 billion drams: Dimension Investments CEO

Armenian investment company assets have grown approximately sixfold since 2021, from 67 billion drams to over 400 billion drams, said Grigor Harutyunyan, CEO of Dimension Investments.

Cube Invest is the first investment company in Armenia to issue bonds worth 5 billion drams: Cube Invest’s CEO

Cube Invest has become the first investment company in Armenia to issue bonds on the local market, announced Cube Invest CEO Mikael Margaryan.

EBRD’s AMD-denominated bonds listed on AMX; Converse Bank acted as underwriter

The AMD-denominated bonds issued by the European Bank for Reconstruction and Development (EBRD) have been listed on the Armenia Securities Exchange (AMX).

Armenia’s capital market still lags behind the economy’s real potential: Cube Invest’s CEO

The depth of Armenia's capital market still lags behind the country's real economic potential, said Mikael Margaryan, CEO of the investment company Cube Invest.

LATEST NEWS

spot_imgspot_imgspot_img