Tue, 9 September
23.1 C
Yerevan
USD: 382.77 RUB: 4.70 EUR: 447.46 GEL: 142.16 GBP: 515.90

Safaryan: Serious reforms required in armenian banking system

YEREVAN, November 1. /ARKA/. Substantial and sustained changes are required in Armenian banking system, head of the country’s Union of Local Manufacturers Vazgen Safaryan told a press conference Thursday.

An 8% re-financing rate is extremely high, which has a negative impact on lending prospects and development of economy, despite the inflation relief measures taken by the Central Bank, Safaryan said.

The Union of Local Manufacturers keeps bringing up the issue and fighting for reduced refinancing rate, Safaryan said. At the same time, the Union cooperates and will continue cooperating with the Central Bank.
The Council of the Central Bank of Armenia left the 8% refinancing rate unchanged at its meeting of October 9.

Earlier, Ameriabank’s Development Director Tigran Jrbashyan made a statement that within the next few months the Central Bank may resort to relief measures and reduce the refinancing rate due to current optimistic developments and no worsening trends recorded in the European Union.

0.8% inflation was recorded in September 2012 bringing the 12-month inflation level to 2.5%, which is just the lower end of the permissible range.–0–

spot_img

POPULAR

3.6% inflation registered in Armenia in August

n the consumer market of Armenia, 12-month inflation in August of this year amounted to 3.6%, according to the report of the National Statistical Committee (NSC) of Armenia.

ACBA Federation promotes rural tourism in Armenia: the success story of Manana guest house (video)

Four years prior, Astghik Ghazaryan, a professional educator, established the Manana guest house in her hometown of Marmarik.

AIIB prepared to support  advancement of Armenia’s economy – President

The Asian Infrastructure Investment Bank (AIIB) is poised to aid the development of Armenia's economic, scientific, and educational sectors by investing in initiatives that will foster the nation's long-term growth and strengthen regional connections.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

LATEST NEWS

spot_imgspot_imgspot_img