Yerevan, November 9 /Mediamax/. Chairman of the Central Bank (CB) of Armenia Tigran Sarkisian thinks that the banking system of Armenia develops much better, than the ones in the neighboring Azerbaijan and Georgia.

Mediamax reports that Tigran Sarkisian stated this while delivering a lecture at the Russian-Armenian University today.

The CB Head stated that the banking system of Armenia has passes three stages of development: the stage of purification, when more than 30% of the banks were closed, the stage of formation, when the requirements as to the size of the banking capital was toughened, and the present stage of development.

Tigran Sarkisian noted that as opposed to the neighboring states, the banking system of Armenia passed the first two stages in a quite short period of time.

“We managed during quite short periods of time to purify the banking system and to implement banking standards, which are the most effective in the region”, the Chairman of the Central Bank of Armenia stated.