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Number of banks to reduce in Armenia - economist

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  • Number of banks to reduce in Armenia - economist

    Number of banks to reduce in Armenia - economist

    15:30 / 27.02.2015


    Only 5-6 banks in Armenia reach 30 billion line and they are given
    time to raise their capital, economist Vilen Khachatryan told the
    reporters today, stressing that the issue is that there are banks who
    must add their capital thrice.

    "In conditions of current financial difficulties it will lead to the
    uniting of the banks or more right to say the big ones will swallow
    the ones with smaller capital and the number of banks will reduce by
    5-6," he said, adding that it will result in weakening of the
    competition, reduction of the number of employees. The economist said
    it is not excluded that they will not unite but just close.

    Khachatryan also spoke about the financial integration organization
    which calculates the amount of outflow of illegal capital. "Statistics
    for Armenia is presented as of December 2014. In this report the
    amount of the illegal capital flow from Armenia during 2002-2012 is
    said reach 750 million USD. In 2012 the volume has grown making 1
    billion 200 million USD," he said.

    The economist stressed that it is almost impossible for Armenia to
    avoid capital outflow. He stressed that only countries with positive
    trade balance [more export, less import] manage to avoid capital
    outflow. "If we too have it we will avoid capital outflow before
    reaching it we will be condemned to it," he added.


    http://nyut.am/archives/337286?lang=en




    From: A. Papazian
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