Yerevan /Mediamax/. The spectrum of services, offered by the banking system of Armenia, is quite narrow##, Chairman of the Central Bank of Armenia Artur Javadyan stated.

Mediamax reports that, speaking in Dilijan today at the annual meeting of the Union of Armenian Banks (UAB) June 21, Artur Javadyan stated that the banking system of Armenia should take up steps to provide the customers quality and various services.

Chairman of CB stated that the level of banking mediation in Armenia considerably yields to the indices of Baltic States and certain CIS states. “In a country, which has a continuous economic growth, the credit and deposit base should be a few times larger”, Artur Javadyan noted.

CB Chairman stressed the importance of the investments of the Armenian banking system into human resources. “According to the assessment of CB, at present, expanses on personnel education in the structure of expenditure administration of the banking system in Armenia are on an extremely low level”, Javadyan stated.

CB Chairman described the development of electronic banking as a sphere, which has a “potential of unlimited development” in Armenia. He noted that the CB plans to carry out a research in the given sphere and expects assistance and proposals from commercial banks.

Artur Javadyan informed that the Central Bank of Armenia, taking as a basis the international practice, will elaborate a guidebook for banks for managing risks and a new system of risks assessment.

CB Chairman stated that the regulator will pay special attention to the protection of the rights of financial services consumers and will take the corresponding large-scale measures: publication of a guidebook for consumers, elaboration of efficient mechanisms for discussing the complaints of consumers.

“In the banking system of Armenia there is a number of unresolved tasks - the unsatisfactory level of corporate management and risks management, segmentation of the credit and deposit markets, the high level of spread of interest rates, limited opportunities in the sphere of attracting means from large foreign banks, presence of international rating only in a few banks of Armenia”, CB Chairman summed up.