YEREVAN, October 21. /ARKA/. President of the Union of Banks of Armenia (UBA) Mher Abrahamyan finds correction of a number of faults an important step on the way of improvement of investment environment in the country and protection of interests of domestic and foreign investors. He is quoted by the union’s press office as saying in an interview that the mission of the Central Bank of Armenia in very important in the process of rooting out these problems.
Being a mediator between banks and the governing agencies, he said, the central bank has ensured a stable, sustainable and resistant to fluctuations banking system, which is a good basis for attraction of investors.
Mher Abrahamyan said that the bulk of Armenia’s banks work with the participation of foreign capital. In his words, any shareholder who has decided to invest in the Armenian economy, points out the importance of protection of investments. Besides, investors say there should be no room in the law for putting investments at risk. In his opinion, the government, first of all, should pay attention to reformation of justice system in Armenia.
He voiced regret at the circumstance that courts impartiality and competence of some judges dealing with economic cases are still called into question.
“Taking this into account, I can says that the problem is system in nature – many banks have to consider suits filed through procedures that contradict the law – there are also feigned suits, absurd decisions and false bankruptcies in our practice,” Abrahamyan said in his interview. -0—
