Armenia’s banking sector may face new problems when Armenia joins Customs Union, newspaper

YEREVAN, April 9. / ARKA /. An Armenian daily ‘Zhamanak’ (Time) says in its today’s issue that Armenia’s upcoming accession to the Customs Union of Russia, Kazakhstan and Belarus will bring about certain risks for its banking system.

The daily says if Armenia joins some agreements effective in the Russia-led trade bloc, its financial system would face a string of problems. One of these documents is an agreement on services, trade and investments, under which all member countries must harmonize their financial legislation before 2020.

However, “Zhamanak” says there is no yet a clear vision of the principles and criteria that should be used to harmonize the legislation in question and this may lead to differences.

The newspaper writes that according to the agreement, before January 1, 2020 the member countries will have to shift to the mutual recognition of licenses. This means that a license for conducting financial services of one country will be valid in another member country.

“Now the scope of requirements in member countries is different, some of which has objective reasons related to the size of the market, the complexities of services and risk tools. Harmonization of financial legislation and the subsequent mutual recognition of licenses may create difficulties,  “Zhamanak” says. -0-

spot_img

POPULAR

Fitch Ratings affirmed Armenia’s rating at ‘BB-‘, maintaining a positive outlook

International rating agency Fitch Ratings has affirmed Armenia's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB-' with a Positive Outlook.

MONEYVAL recommended Armenia strengthen its fight against money laundering and confiscation of criminal assets

The Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) noted Armenia's progress in developing its system for combating financial crime, but recommended strengthening the effectiveness of money laundering investigations, asset confiscation, and oversight of certain economic sectors.

Central Bank of Armenia named five key factors influencing inflation

In an interview with CivilNet, Armen Ktoyan, a member of the Board of the Central Bank of Armenia, listed five factors influencing inflation in the country.

Market capitalization increased by 7.43% in June, exceeding AMD 492 billion – Armenia Securities Exchange

Equity market capitalization in June 2026 exceeded AMD 492.7 billion, an increase of 7.43%, the press service of the Armenia Securities Exchange (AMX) reported.

Fitch: Armenia’s International Reserve Adequacy to Remain Below That of Similar-Rated Countries by 2028

Armenia's international foreign exchange reserves have reached a record high, but their sufficiency to cover the country's external needs in the medium term will remain below the average for countries with similar credit ratings, according to a report by the international rating agency Fitch Ratings.

LATEST NEWS

spot_imgspot_imgspot_img