Yerevan /Mediamax/. Oppositional Armenian National Congress (ANC) suggests realizing a number of reforms in banking and financial spheres.

Mediamax reports that ANC’s “100 Steps” economic program, presented on February 23, contains there suggestions.

ANC, in particular, suggests mitigating the requirements for registration of new banks and reducing requirements concerning the bank’s capital down to 1.5bln AMD (at present it makes over 2.5bln AMD).

The program marks the necessity of legislative changes, according to which CB functions will not be focusing only on maintaining inflation speeds. To this end, ANC suggests “eliminating the criminal practice of artificial revaluation of national currency”. The Congress believes that “only the fact of export exceeding import may become a basis for revaluation”.

ANC believe that CB should sterilize currency flows to the Republic through increasing governmental reserves. “The latter, as credit resources, should be used for economy crediting”, the program reads.

Oppositional Congress suggests revising legislation on banking activity so that the decisions of CB Chairman or Board could be disputed in Court. At that ANC suggests expanding the authorities of CB Board and separating the positions of CB Chairman and CB Board Chairman.

ANC suggests reregistering all commercial banks of Armenia into open joint stock companies and legislatively expanding the rights of minority shareholders.

ANC suggests also developing specialized banks in Armenia and separating investment and trading (operational) banking.

Opposition believes that deposit compensation by the insurance fund should make on average 60% of the deposit sum. At that ANC believes that the Deposit Insurance Fund should not be subordinate to CB.