ANTI-COMPETITION AGREEMENT EFFECTS NOTABLE IN ARMENIA, RUSSIAN EXPERT SAYS
Effects of anti-corruption agreement are notable in Armenia’s financial
market, said Olga Olenkina, Russian expert.
The RA Public Services Regulatory Commission made a decision on April
23 to combat illegal agreements in local financial market. Being
involved in the Intergovernmental Council on Antimonopoly Policy
(ICAP), Olenkina compared Armenian banking and competition laws with
both international and Russian experience in the field and concluded
that effects of anti-corruption agreement are notable in local market.
PSRC has been investigating the CBA (Central Bank of Armenia)
Chairman’s allegations against Armenian banks which offer their
customers as a precondition to turn to definite insurance companies
and real estate agencies for additional services. According to CBA,
this approach restricts the customers’ option right, thus suppressing
free competition in local market.
At present, 10 licensed insurance companies, over 400 real estate
agencies, 22 commercial banks and 23 credit organizations conduct
business in Armenia.
Established in 1993, ICAP coordinates the anti-monopoly activities
of the CIS members to foster free competition.