Yerevan, December 8 /Mediamax/. The International Monetary Fund (IMF) welcomes the efforts to promote financial sector development in Armenia.

Mediamax reports that the IMF report following the Consultation with the Armenian government reads this.

The members of the Directors’ Board noted that reforms to foster financial intermediation and further strengthen financial sector regulation will improve bank corporate governance, encourage competition between banks, and reduce the high lending-deposit spreads, while also contributing to financial deepening and reducing dollarization. According to the IMF, “the growth of participation of reputable international first-tier banks will help in this regard”.