YEREVAN, May 15. /ARKA/. Armenia’s banking system is one of the most stable in the region thanks to stringent regulatory standards, Mher Abrahamyan, Chairman of the Union of Banks of Armenia (SBA) said on may 14.
“The situation caused by the coronavirus, of course, has given rise to some inconvenience revealing also problems that needed to be addressed as soon as possible,” he said to a news conference.
However, according to Abrahamyan, the banks with the assistance of the Central Bank, were able to quickly respond to the situation and ensure financial stability in the country.
“Banks today remain liquid and have the ability to fulfill their obligations at any time,” he stressed.
A 30-day state of emergency to curb the spread of coronavirus was declared in Armenia on March 16 and restrictions were imposed on free movement of citizens. The government banned also some types of economic activity. On April 13, the government extended the state of emergency for another month and on May 4 it lifted the ban on almost all types of economic activity and the free movement of citizens, except for public transport. On May 14, the government has again extended the state of emergency for another 30 days.
Deputy Prime Minister Tigran Avinyan said despite the extension, public transport, preschools, trading centers and gyms will reopen starting from May 18, but wearing of masks will also be mandatory in public spaces.
According to the latest official data, Armenia’s confirmed cases of coronavirus have risen to 4,044; 52 people have died from it. ($1 – 487.66 drams). –0-
