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Unified financial supervisory system to be set up in Armenia

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  • Unified financial supervisory system to be set up in Armenia

    Unified financial supervisory system to be set up in Armenia

    Mediamax news agency
    2 Feb 05


    YEREVAN

    A conference of the regional group of the Basel Committee on Banking
    Supervision of Central Asian and South Caucasus countries and Russia
    opened in Yerevan today.

    The chairman of the regional group, Juma Eshov, noted that
    representatives of countries with similar problems in their banking
    systems were taking part in the conference, Mediamax news agency
    reports.

    He stressed that the problem of money laundering was the conference's
    main theme.

    Armenian Central Bank Chairman Tigran Sarkisyan gave a presentation to
    the conference participants on the situation in the Armenian banking
    sector. He said that the assets ratio of the banking system to GDP was
    19 per cent and that loans accounted for 7 per cent. The central bank
    carries out a policy of strict supervision which ensures the
    transparency and reliability of banks, Tigran Sarkisyan said. In
    addition, he noted that a similar policy was increasing investors'
    interest in Armenian commercial banks. Today, foreign capital accounts
    for 54 per cent of capital in the Armenian banking sector.

    Tigran Sarkisyan said that a unified financial supervisory system
    would be established in Armenia in the near future, including, in
    particular, supervisory bodies for insurance companies, the pension
    fund and the securities commission.
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