Yerevan /Mediamax/. Despite the global financial-economic crisis, the year of 2008 was marked for the banking system of Armenia by significant quality and quantity indices, as well as important institutional developments.

Mediamax reports that the Chairman of the Central Bank of Armenia Artur Javadyan said this today, speaking at the traditional pre-New Year reception for bankers, which was also attended by the President and the Prime Minister of the Republic.

CB Head stressed that, according to preliminary data, the annual index of inflation did not exceed the targeted limit and, following the results of the year of 2008, will make 5.2-5.5%.

Artur Javadyan reminded that this year the gross assets of Armenia’s banking system for the first time exceeded the index of 1 trillion AMD and at present make 1 trillion 20bln AMD. The CB Head noted that in the course of the recent 9-10 years the assets of the banking system have increased 6-7 times.

Chairman of the Central Bank noted that, despite the global crisis, in 2008 Armenia remained a stable country for investors, this evidenced by the fact that in the course of the year 10 Armenian commercial banks, shareholders of which are foreign institutional investors, replenished their authorized capital stock for the total sum of 34bln AMD.

Within the framework of various programs, Armenian banks attracted means at the total sum of 70bln AMD from abroad throughout the year of 2008.

Following the results of the year, the profit of the banking system of Armenia will make approximately 27bln AMD – 7bln AMD more, as compared to 2007.

Artur Javadyan singled out stirring up in the capital market of Armenia. He informed that in 2008, 11 issues of corporate bonds took place, the most part of which is placed at the Armenian Stock Exchange, which has been within the composition of Nasdaq OMX from the beginning of the year. CB Head stated that in 2009, realization of the first IPO in Armenia is expected to take place.