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Plans of `Dem Em' group will not create problems for banks
YEREVAN, April 18 . / ARKA /. Plans of Dem Em ( I'm against) youth
pressure group to withdraw all their moneys via ATMs will not create
problems for the banking system, Andranik Grigoryan, head of a Central
Bank department in charge of stability and financial system
development, said today.
The pressure group has been protesting against transition to a new
pension system under which employers must withhold 5 percent of gross
wages of workers born after 1973 and contribute the funds to special
pension funds.
The pressure group says the authorities must comply with the decision
of the Constitutional Court handed down on April 2 that the mandatory
payments run counter to the Armenian constitution.
However, the ruling gave the authorities time until September 30 to
correct this and other controversial provisions of the law deemed
unconstitutional.
"Armenia's banking system is sufficiently liquid and its purpose is
to service the customer. Even if all the ATMs get empty , the banking
system will withstand," Grigoryan said on Friday.
He also added that a simultaneous withdrawal of a huge amount of money
from ATMs will not create problems for the national processing system
ArCa. -0-
- See more at: http://arka.am/en/news/economy/plans_of_dem_em_group_ill_not_create_problems_for_ banks/#sthash.2EaqDKFT.dpuf
YEREVAN, April 18 . / ARKA /. Plans of Dem Em ( I'm against) youth
pressure group to withdraw all their moneys via ATMs will not create
problems for the banking system, Andranik Grigoryan, head of a Central
Bank department in charge of stability and financial system
development, said today.
The pressure group has been protesting against transition to a new
pension system under which employers must withhold 5 percent of gross
wages of workers born after 1973 and contribute the funds to special
pension funds.
The pressure group says the authorities must comply with the decision
of the Constitutional Court handed down on April 2 that the mandatory
payments run counter to the Armenian constitution.
However, the ruling gave the authorities time until September 30 to
correct this and other controversial provisions of the law deemed
unconstitutional.
"Armenia's banking system is sufficiently liquid and its purpose is
to service the customer. Even if all the ATMs get empty , the banking
system will withstand," Grigoryan said on Friday.
He also added that a simultaneous withdrawal of a huge amount of money
from ATMs will not create problems for the national processing system
ArCa. -0-
- See more at: http://arka.am/en/news/economy/plans_of_dem_em_group_ill_not_create_problems_for_ banks/#sthash.2EaqDKFT.dpuf