Yerevan, June 26 /Mediamax/. Chairman of the Central Bank of Armenia Tigran Sarkisian believes that to solve the urgent economic tasks, the banking system of the country should demonstrate at least 40% annual growth, instead of the present 20-30%.

Mediamax reports that, speaking on June 25 annual session of the Union of Banks of Armenia (UBA), Tigran Sarkisian pointed out the necessity of increasing the level of competition in the banking sphere of Armenia.

The CB Chairman believes that the highest in the world spread of the attracted and placed means - 10-13% - is the index of low level of competition. Tigran Sarkisian noted that the CB proposed a number of steps for the solution of the given problem, among which the increase of requirements for the capital of the banks up to 5bln drams, attracting leading foreign banks into the banking system, etc. As a result, there are already 5 applications received from “Postbank”, “Gazprombank”, “Byblos Bank”, “Raiffeisenbank”, “Procreditbank”, which want to start functioning on the Armenian market.

Tigran Sarkisian also singled out the formation of mortgage market as another important aspect.

“According to our forecasts, in the course of the nearest five years, the volume of mortgage market in Armenia will reach 350bln drams instead of the present 30bln drams”, the Chairman of the Central Bank of Armenia stated.