Sun, 6 April
18.1 C
Yerevan
USD: 391.22 RUB: 4.63 EUR: 431.28 GEL: 142.08 GBP: 508.39
spot_img

Armenia’s central bank plans cuts to increase wages – Galstyan

YEREVAN, November 3. /ARKA/. The Central Bank of Armenia plans cuts in the system to raise wages in 2021, Central Bank Chairman Martin Galstyan said on Monday during parliamentary hearings on the draft government budget for 2021.

He said that the draft government budget for 2021 provides for the administrative expenses of the central bank in the amount of 7.5 billion drams, which is 2.3% or 235 million drams more than in 2020.

At the same time, he noted that despite the norms stipulated by the legislation so that the salary of employees of the central bank was higher than the average for commercial banks, today the salary of employees of the Central Bank is on average 25% lower than in the commercial sector.

“This situation leads to an outflow of professional staff from the state system. In the last two years alone, we have lost about 165 highly professional employees who have moved to the commercial sector,” Galstyan said.

According to him, in this regard, it was decided to reduce the number of employees of the central bank in the medium term. In particular, in 2021 it is planned to reduce 4% of employees and increase the salary fund by 4%.

As for the rest of the costs, according to him, it is planned to reduce transport costs by 12% for 2021, and communications costs by 1%. At the same time, economic expenses (including the purchase of protective equipment against coronavirus – 7 million drams) will increase by 6.8%. ($ 1 – AMD 493.6). -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Top ten Armenian banks by size of lending in 2019

In 2019, the overall loan portfolio of Armenia's banking sector grew by 16.4% to 3.572.2 trillion drams

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

LATEST NEWS

spot_imgspot_imgspot_img