Yerevan, December 12 /Mediamax/. The European Bank of Reconstruction and Development (EBRD) welcomes reforms in the sphere of crediting in Armenia, the economist of the bank Alexander Cirmicu stated in Yerevan today.

Mediamax reports that speaking at a briefing in Yerevan today, the EBRD representative noted that the policy of the Armenian Central Bank assisted the improvement of crediting terms. The policy was directed, in particular, to the implementation of stricter regulations of loan registration, the protection of creditors’ rights, etc.

According to Alexander Cirmicu, there are still week points in the sphere of corporate governance and ownership transparency in Armenia. He also pointed out the insufficient monitoring of the crediting process and the weak competition in the banking sector of Armenia.

Despite the fact that in 2005 the crediting of the private sector in Armenia increased by 33%, the level of accessible credit financing, according to the EBRD economist, is the lowest one among the regional states.