YEREVAN, December 18. /ARKA/. The Central Bank of Armenia warned commercial banks against misuse and currency speculations in the forex market.
The head of the central bank Artur Javadyan said they are monitoring all participants in the financial market, and banks are strictly punished whenever cases of misuse are found.
The regulator has already instituted some 16 administrative procedures against banks on misuse in the forex market, he said.
Javadyan said they will make a statement after sanctions are used against particular banks. The central bank has even received resignation letters from heads of some banks, and their names will be announced once the resignation requests are satisfied, he added.
At the same time, Javadyan said banks are more than anyone else interested in stabilization as the current situation affects the creditor-borrower relations.
The central bank is taking the advantage of the entire toolkit, including non-standard instruments, to carry out preventive measures – raising Lombard repo rate, issuing forex swaps, refraining from interventions, Javadyan said.
Decisions are made on various norms, meetings are held with individual bank stockholders who expressed readiness to increase the authorized stock this year, the head of the central bank said.
The measures taken are coordinated with international partners and are similar to ones used in other countries, Javadyan noted. –0–
