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Armenian Banks and RA Central Banks Unite Efforts to Reduce Shadow E

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  • Armenian Banks and RA Central Banks Unite Efforts to Reduce Shadow E

    ARMENIAN BANKS AND RA CENTRAL BANKS UNITE EFFORTS TO REDUCE SHADOW ECONOMY

    AZG Armenian Daily #144, 02/08/2006

    Economy

    On July 31, in the course of the joint meeting of the Union of
    the Armenian Banks and RA Central Bank, it decided to carry out
    joint arrangements directed to reduction of the shadow economy
    and activation of the banks in the crediting market. Chairman of
    RA Central Bank Tigran Sargsian and Stepan Gishian, chairman of
    Board of the Union of the Armenian Banks, stated about this in their
    speeches. They stated that the level of shadow economy is quite high
    in Armenia and this hinders the fair competition. Sargsian stated
    that the banking system of Armenia functions out of the shadow and
    its published indicators fully reflect the reality. He added that
    due to its adequacy and liquidity, the banking system of Armenia is a
    rather high level. The ROA and ROE profitability level of our banking
    system is even higher than that of the European countries. Sargsian
    said that in the coming few years the high level of profitability will
    secure stability and high tempos of development for the banking system
    of Armenia. In his turn, S. Gishian pointed out the main strategic
    lines for the development of the Union of the Armenian Banks for
    2006. This deepening of cooperation between UBA and RA Central Bank,
    RA Government and RA Parliament, with the European Banking Federation,
    application of new daft laws for will contribute to the improvement
    of the legislative climate and development of the banking system of
    Armenia. Touching upon the achievements fixed in the banking system
    of Armenian in 2005, Gishian said that the GDP grew by 13,9%, the
    common actives of the banks by 21,2%, common capital by 46,6%, the
    volume of credit investments by 36%, the profitability of the capital
    by 15,3%. In 2005, the liquidity of the banking system made 41,8%,
    the credit rates decreased by almost 4 times. Gishian stated that RA
    Central Bank will coordinate the steps envisaged for 2006. Five banks
    of Armenia participated in today's meeting, particularly, Areximbank,
    Armenian Development Bank, "Ararat" Bank, ArmInvestBank and Unibank.

    By Ara Martirosian
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