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WORRISOME INFORMATION COMES FROM ARMENIA'S BANKING SYSTEM - NEWSPAPER
news.am
January 15, 2013 | 07:44
YEREVAN. - Troublesome news is flowing in recent times from Armenia's
banking system, Haykakan Zhamanak daily reports.
"According to this information, such problems have risen in our
banking system that may result in a serious crisis.
First and foremost, the problems refer to the returnability of loans.
That is, people receive a loan from a bank to pay off a loan they
had earlier received from another bank.
Pursuant to the working legislation in Armenia, this is not encouraged,
to say the least, but the respective agencies turn a blind eye to
this. Otherwise, the entire financial system could collapse.
The banks hope that the Central Bank would find sources of large
amounts to inject money into the banking system. But it seems
these hopes are not materializing. According to some information,
substantial difficulties have already risen among four banks that
operate in Armenia," Haykakan Zhamanak writes.
From: A. Papazian
news.am
January 15, 2013 | 07:44
YEREVAN. - Troublesome news is flowing in recent times from Armenia's
banking system, Haykakan Zhamanak daily reports.
"According to this information, such problems have risen in our
banking system that may result in a serious crisis.
First and foremost, the problems refer to the returnability of loans.
That is, people receive a loan from a bank to pay off a loan they
had earlier received from another bank.
Pursuant to the working legislation in Armenia, this is not encouraged,
to say the least, but the respective agencies turn a blind eye to
this. Otherwise, the entire financial system could collapse.
The banks hope that the Central Bank would find sources of large
amounts to inject money into the banking system. But it seems
these hopes are not materializing. According to some information,
substantial difficulties have already risen among four banks that
operate in Armenia," Haykakan Zhamanak writes.
From: A. Papazian