YEREVAN, July 22, \/ARKA\/.\u00a0 Bagrat Asatrian, a\u00a0 former governor of Armenia\u2019s Central Bank,\u00a0 slammed today the\u00a0 Central\u00a0 Bank for seeking to increase the\u00a0 minimum amount of universal credit organizations\u2019 capital\u00a0 from the current 150 million Drams to 1 billion Drams.<\/p>\n
Mr. Asatrian, who is now head\u00a0 of Garni Invest universal crediting organization,\u00a0 told a news conference\u00a0 that the chief of the Central Bank department\u00a0 in charge of financial policy and management,\u00a0 Vahe Vardanian, sent him July 17 a package of proposed changes and amendments to two procedures regulating the activity of universal crediting organizations demanding that he present his\u00a0 suggestions and remarks concerning the proposed changes\u00a0 on July 19. According to Asatrian, it is absurd to\u00a0 expect suggestions about an important procedure to be made in one day. He said he was extremely concerned about the Central Bank\u2019s desire to increase the amount of the minimum capital six times.<\/p>\n
In his words, the minimum amount must be in tune with the state of the economy and financial field.
\nHe argued that the move is dictated either by the plans of\u00a0 several oligarchs who want\u00a0 to grab this sector or the banks are lobbying for their interests by trying to oust universal crediting organizations from the market.<\/p>\n
\u2018People use their personal funds to open universal crediting organizations. Do they pose any threat to the public? Many countries do not set\u00a0 minimum amount of capital at all,\u2019 he said.<\/p>\n
The Central Bank press service told ARKA that a bill calling for raising the minimum amount of capital has been debated for nine months and is not a novelty and many crediting organizations proposed their suggestions. It also said the idea to increase the amount of capital is meant to protect the interests of consumers. The 1 billion ceiling is set for organizations that are going to make IPOs, it said. –0-<\/p>\n","protected":false},"excerpt":{"rendered":"
Garni invest head angered by Central Bank\u2019s plan to increase minimum amount FO capital<\/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":[12202,9216],"tags":[15837,15865,12654,310],"class_list":{"0":"post-13468","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-loan-organizations","7":"category-news","8":"tag-armenia-2","9":"tag-central-bank-2","10":"tag-garni-invest","11":"tag-310"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/13468","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=13468"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/13468\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=13468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=13468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=13468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}