Armenian CB Chairman singled out the basic directions of development of the financial market

20.11.2007 | 16:55 Home / News / News /

Yerevan, November 20 /Mediamax/. Chairman of the Central Bank Tigran Sarkisian singled out today the basic directions of development of the Armenian financial market.

Mediamax reports that Tigran Sarkisian delivered a lecture for the students and the professor-teacher staff of Yerevan State University today.

CB Chairman singled out the following 9 directions:

- deepening the financial mediation, which implies provision of various quality financial services to residents and non-residents;

- the further development of the banking system, which provides for the implementation of new risks administration systems by commercial banks, the development of the secondary mortgage market, attraction of leading foreign institutional investors;

- establishing more auspicious conditions of work for credit organizations (there are 21 credit organizations functioning in Armenia at present, the growth speeds of which exceed the growth speeds of the commercial banks);

- reformation of the insurance market, which provides for “cleaning” the insurance field (6 insurance companies ceased their activities; at present, there are 9 insurance companies functioning in Armenia, which have 38 thousand insurance agreements); establishment of database for insurance companies; transition to the mechanism of obligatory insurance, which would include the insurance of banking risks;

- development of the securities market, which provides for access of the managing subjects to the alternative financial means, formation and consolidation of confidence for the capital market;

- reformation of the pension system, which provides for the transition to the accumulative pension system;

- development of infrastructures in the financial sphere, aiming at deepening the financial mediation (Deposit Insurance Fund of Armenia insured deposits of 450 thousand depositors, and the private credit bureau “ACRA Credit Reporting” accumulated 500 thousand credit histories);

- implementation of a new functional pattern, aiming at realization of the conception of single financial control;

- implementation of international standards in the struggle against money-laundering.

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