Yerevan /Mediamax/. Development of the capital market in Armenia will continue, but at slower speeds, than it was forecasted before the start of the global financial-economic crisis.

Mediamax reports that the Deputy Chairman of the Central Bank of Armenia Vache Gabrielyan said this today, answering the questions of journalists at the presentation of Capitalmarket.Banks.am project. According to him, before the start of the global crisis, the forecasts concerning the capital market development in Armenia were more optimistic, however this does not mean that at present the market is in stagnation.

Vache Gabrielyan expressed hope that in 2009, as it was planned, the first IPO will be realized in Armenia.

In his turn, General Director of “NASDAQ OMX Armenia” Stock Exchange Armen Melikyan noted that “the downfalls in the capital market represent a natural process, since the market cannot constantly grow”.

He stressed that one should take into account the mistakes of the global market and try not to repeat those mistakes. “The capital market of Armenia is at its development stage, and we can use the practice of other countries with minimal losses”, Armen Melikyan stated.