YEREVAN, May 17. \/ARKA\/. On Monday, Armenian lawmakers amended at the first reading the law on safeguarding banking deposits.<\/p>\n
Vache Gabrielyan, deputy chairman of the Central Bank of Armenia, said the role of the deposit-safeguarding system is especially significant amid financial shocks and crises.<\/p>\n
\u201cAn effective deposit-securing system could contribute a great deal to enhancement of public confidence in financial markets,\u201d he said.<\/p>\n
Gabrielyan said that the central bank had gauged effectiveness of the present system and had seen the necessity of improving it up to EU and IMF standards.<\/p>\n
The amendments enlarge the size of compensation from present amount equal to AMD 1 million for foreign currency deposits and AMD 2 million for dram deposits to AMD 2 million and 4 million accordingly.<\/p>\n
Besides, the deposit-safeguarding fund trustee council made up of representatives of the government, the parliament, German KfW Bank, Armenian commercial banks, will revise sizes of compensations once in every five years.<\/p>\n
They also can be revised under force maj\u00e9ur circumstances, if a threat is posed to Armenia\u2019s financial system.
\nArmenian government can provide budget guarantee to the fund and lend money to it trough the central bank.
\nThe fund has been established on the central bank\u2019s initiative.<\/p>\n
Its aim is to ensure compensations of individuals\u2019 deposits in the event of a bank\u2019s insolvency.
\nDeposits in all the 22 commercial banks of Armenia are guaranteed. ($1 = AMD 386.34).-0—<\/p>\n","protected":false},"excerpt":{"rendered":"
Armenia strengthening security of bank deposits<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[15837,12595,12596],"class_list":{"0":"post-11313","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banks-en-en","7":"category-news","8":"tag-armenia-2","9":"tag-bank-deposits","10":"tag-security"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/11313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=11313"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/11313\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=11313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=11313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=11313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}