Armenia’s banking system not to incur impact of West-Russia tensions – AEB rep

13:13 * 08.11.14

In an interview with Tert.am, a board member ofArmeconobank said he
doesn’t expect Armenia’s accession to the Eurasian Economic Union to
pose any risks to the banking system (because of the western sanctions
against Russia).

“Considering the high level of the Armenian banks’ solvency, I don’t
think those challenges pose an essential threat to the Armenian banks,
as our banking system is considerably developed today. Against the
backdrop of the existing normative regulations, the banks are mainly
safeguarded against domestic and foreign shocks,” Ruben Hayrapetyan
said.

Considering the Armenian banking system the most developed on the
post-Soviet area, Hayrapetyan said he believes that its leading
positions will help diversify the risks. “Internationally acclaimed
companies demonstrate an increasing interest in Armenia’s banking
system, with their long-term financial resources and joint programs
being a fair proof of that. And over the recent period, we have seen
an increasing activeness by those institutions, which can also be due
to their reduced representation in Russia,” he added.

Armenian News – Tert.am

From: Emil Lazarian | Ararat NewsPress