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CBA ACTVITY MEETS MOST INTERNATIONAL STANDARDS
ARKA
April 7, 2008
YEREVAN, April 7. /ARKA/. Armenian Central Bank meets 73 out of 77
world transparency standards, CBA Board Chairman Tigran Sargssyan said.
"Armenia fully fits 73 world standards, partially meets one and only
three standards are not applied in our country," Sargssyan said Monday
presenting a new manual - CBA Activity Compliance with World Standards.
World banking standards were worked out by the Bank for International
Settlements, World Bank, European Bank for Reconstruction and
Development, and International Financial Corporation in 1993-1999. The
International Monetary Fund set common requirements and standards
for the central banks of all the member-countries in 1999.
The Central Bank of Armenia started adjusting its activities with
the world standards in 1999.
Sargssyan said the manual presents the current transparency level of
CBA activities. He also said CBA will regularly publish a report on
the level of transparency and compliance with international standards.
"This manual is the first attempt in Armenia to report to the public
and I hope it will become an example for the other departments to
follow," Sargssyan said.
The CBA Chairman also stressed that modern democratic
developments imply transparency as a key criterion of democratic
society. Transparency acquired even greater urgency after the
revolutionary changes of the 90s in which the central banks adopted
a policy of inflation targeting, Sargssyan reminded.
ARKA
April 7, 2008
YEREVAN, April 7. /ARKA/. Armenian Central Bank meets 73 out of 77
world transparency standards, CBA Board Chairman Tigran Sargssyan said.
"Armenia fully fits 73 world standards, partially meets one and only
three standards are not applied in our country," Sargssyan said Monday
presenting a new manual - CBA Activity Compliance with World Standards.
World banking standards were worked out by the Bank for International
Settlements, World Bank, European Bank for Reconstruction and
Development, and International Financial Corporation in 1993-1999. The
International Monetary Fund set common requirements and standards
for the central banks of all the member-countries in 1999.
The Central Bank of Armenia started adjusting its activities with
the world standards in 1999.
Sargssyan said the manual presents the current transparency level of
CBA activities. He also said CBA will regularly publish a report on
the level of transparency and compliance with international standards.
"This manual is the first attempt in Armenia to report to the public
and I hope it will become an example for the other departments to
follow," Sargssyan said.
The CBA Chairman also stressed that modern democratic
developments imply transparency as a key criterion of democratic
society. Transparency acquired even greater urgency after the
revolutionary changes of the 90s in which the central banks adopted
a policy of inflation targeting, Sargssyan reminded.