YEREVAN, September 23. /ARKA/. In 2024, the assets within Armenia’s banking sector surpassed the nation’s GDP, a significant increase from the 20% recorded in the early 2000s, as noted by Martin Galstyan, the Chairman of the Central Bank of Armenia, during the opening of the forum entitled “The Future of the Banking System: Innovations and Development Prospects.”
According to Armstat, Armenia’s GDP in 2024 saw a growth of 5.9% compared to 2023, reaching a nominal value of 10.1 trillion drams. The Union of Banks of Armenia reported that the total assets of the 18 banks operating in Armenia in 2024 amounted to 11 trillion drams.
Galstyan highlighted that despite the various challenges facing the system, the institution is adequately prepared to address them, and the development agenda of the banking sector is increasingly shaped by rapidly changing conditions.
“The rise in economic and political uncertainties, along with digital transformation and the growing importance of risk management, demands increased vigilance, flexibility, and innovation,” he remarked.
Daniel Azatyan, Chairman of the Union of Banks of Armenia (UBA), also emphasized that banks must focus on improving the quality and accessibility of financial services.
“The only way forward is to implement the best international practices and experiences. This is the only way to build greater public trust in financial institutions,” he concluded.-0-
