Yerevan /Mediamax/. The activities of the Central Bank of Armenia meet the international transparency standards##, CB Chairman Tigran Sarkisian stated in Yerevan today.

Mediamax reports that, presenting the first report on activity transparency of the CB in Yerevan today, Tigran Sarkisian stated that the Central Bank of Armenia fully meets the 73 out of 77 transparency standards for central bank activities, approved by International Monetary Fund in 1998.

“This is the first effort of CB to present a detailed report to the public, and we are interested in making it widely practiced in Armenia”, Tigran Sarkisian stated, adding that the transparency standards allow realizing control over the activities of various departments.

According to the report, the Armenian CB fully meets the 73 transparency standards out of 77, partially meets the 1.2.2 point, and the requirements to the CB, presented in 5.4, 5.5 and 8.4.1 points, are not applicable for the Central Bank of Armenia.

According to point 1.2.2, the information on the volume and terms of prepays and overdrafts, presented by the Central Bank to the government, as well as on government deposits in CB, should be presented to the public.

The report clarifies that direct crediting of the government by the Central Bank, as well as the provision of prepays and overdrafts to the government are banned by the law “On the Central Bank of Armenia”. What concerns the information on the volume of government deposits in the Central Bank, in the quarterly and annual reports, publicized by the CB, all the financial means of the government are marked in one line, in accordance with the law “On banking secret”, information on the volume of the deposit may be published only by the customer, which is the Armenian government in this case.

Points 5.4 and 5.5 are also inapplicable for the Armenian CB. The points read about the relations among self-regulating structures and financial organizations, which realize control. In October of 2007, the self-regulating organizations Armenian Stock Exchange and the Central Depository of Armenia were reorganized into open joint stock companies, and at present there are no self-regulating organizations in Armenia.