Yerevan, March 21 /Mediamax/. Armenian President Robert Kocharian discussed the development prospects of the banking sector during the annual meeting with the heads of commercial banks.

As Mediamax was told in the presidential press service today, Robert Kocharian stated that despite the quick development speeds of the Armenian banking sector, there is the necessity to enlarge the banking sector of the country and to provide large-scale financial services. In this context, the President highlighted the need to implement new approaches and technologies.

During the meeting, the issues of mortgage crediting, implementation of insurance system and pension reforms were discussed.

The bankers noted that the primary task for the increase of the level of economy bankization is to attract inner financial resources into the banking sector, for which it is necessary to increase the level of confidence for the banks.

The heads of the banks also touched upon some shortcomings in the legislation concerning the taxation of financial transactions.

During the meeting the activities of the Union of Banks of Armenia was considered. The Chairman of the Union Stepan Gishian informed the President that 19 banks are members of the structure. Recently the Union became an associate member of the European Union of Banks, which assists the enlargement of cooperation with the banking system of Europe and implementation of new methods in the banking sector of Armenia.

Robert Kocharian noted that he expects the banks to preserve the speeds of development of the banking system and to implement new technologies.