Yerevan /Mediamax/. Armenian Prime Minister Tigran Sargsian stated today that Armenia managed to withstand the first wave of the global crisis due to the strong banking system.

Mediamax reports that, speaking during the scientific conference “Influence of the global crisis on Armenia: short-term and long-term prospects”, Tigran Sargsian stated that Armenian commercial banks did not create monetary problems for the government. According to him, due to strict regulation of the banking system by the Central Bank, a strong financial system formed in Armenia.

Tigran Sargsian admitted that as a result of March transition to floating currency exchange rate, the banking system of Armenia lived through a certain shock, since in 2003-2008, the national currency was evaluating and banks registered high speeds of growth of AMD savings accounts.

The Prime Minister stressed that the banking system of Armenia remains attractive and the government is backed by commercial banks in the process of realizing crisis-prevention measures.