Tue, 1 July
25.1 C
Yerevan
USD: 385.32 RUB: 4.91 EUR: 455.06 GEL: 141.61 GBP: 530.70

Armenia may become serious financial center in the region: Valovaya

YEREVAN, December 4. /ARKA/. Armenia has good potential for becoming a regional financial center, member of board (minister) of the Eurasian Economic Commission for key integration directions and macroeconomics Tatyana Valovaya said.

“It is, in general, not a simple region, not a very stable one, and Armenia is one of the stability islands in the region, which may become attractive for investments, including those in the banking sector, by third countries”, Valovaya said at a round-table discussion as part of the third Russian-Armenia inter-regional forum.

Valovaya stressed investments will flow to Armenia if the country’s banks and financial institutions have access to a larger area, then simply Armenia.

In this connection, according to Valovaya, Armenia’s financial sector should be interested in the country’s accession to the Customs Union and the joint economic area.

Armenia’s financial sector is currently not facing any risks in joining the Customs Union as waivers are used for financial services in the Union. Hence, Armenia may stipulate its waivers and limit access for banks from other CU member countries for certain period, Valovaya said. She also reported plans to later eliminate waivers and consolidate financial markets.  –0–

spot_img

POPULAR

AMX Reaffirms Compliance with International ISO Standards

The Armenia Stock Exchange and Central Depository (AMX) have successfully completed their compliance certification with ISO 27001:2022 for Information Security Management and ISO 9001:2015 for Quality Management Systems.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

LATEST NEWS

spot_imgspot_imgspot_img