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IMF: Banking Sector Of Armenia Is Able To Resist The Impact Of The G

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  • IMF: Banking Sector Of Armenia Is Able To Resist The Impact Of The G

    IMF: BANKING SECTOR OF ARMENIA IS ABLE TO RESIST THE IMPACT OF THE GLOBAL FINANCIAL CRISIS

    ArmInfo
    2009-05-11 17:12:00

    ArmInfo. The banking sector of Armenia is capitalized enough to resist
    the negative impact of the global financial crisis, International
    Monetary Fund Mission Chief in Armenia Mark Lewis said in Yerevan when
    presenting a report on "Regional Economic Outlook. Armenia Outlook",
    Monday.

    According to him, the global crisis mainly affected the real sector
    of Armenia's economy as the financial system of the republic was
    not involved in the world economy. At the same time, he pointed
    out that the crisis may affect the quality of credit portfolios in
    commercial banks.

    Deputy Director of IMF Middle East and Central Asia Department Ratna
    Sahay said that due to the balanced policy of Armenian Government
    and Central Bank, Armenian commercial banks didn't accrue big foreign
    borrowings, while this was the reason of the crisis in many countries.
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