Yerevan/Mediamax/. Measures of the Central Bank (CB) on dedollarization of the financial system may not have a negative influence on the post-crisis rehabilitation of the Armenian economy, Chairman of “Prometey Bank” Board of Directors Emil Soghomonyan stated.

Answering the question of Mediamax whether the measures on dedollarization will have influence on the economy or not, Emil Soghomonyan expressed confidence that they are carried out “exactly to meet the interests of economy subjects”.

“If there is anything negative in Central Bank measures, it is only for banks”, Emil Soghomonyan stated, adding that neither of the banks, nevertheless, cannot have any problems even if CB makes a decision to toughen the measures on dedollarization even more.

Emil Soghomonyan expressed confidence that CB steps will not lead to increase of banking interest rates. “Banks have sufficient free liquidity, which allows them consistently reducing credit interest rates, in particular, “Prometey Bank” providers business credits today with the annual interest of 13%, which was not  there even before the crisis”, Emil Soghomonyan stated.

According to the Head of “Prometey Bank”, despite the fact that the crisis is not over in Armenia yet, nevertheless, reduction of interest rates is still observed in the banking system.

“Ardshininvestbank” and “BTA Bank” also commented on CB dedollarization measures on the request of Mediamax.

“We welcome CB steps, directed at reducing the level of dollarization in the financial system and we are sure that these measures will significantly contribute to economic growth”, “Ardshininvestbank” stated.

“BTA Bank” also welcomed CB measures, considering them timely.

According to the decisions of CB Board, starting from April 14, 2010, changes in the structure of mandatory backup on foreign currency deposits will come into effect: mandatory backup of 12% in CB from the means attracted by banks in foreign currency will be partially backed up in AMD. Risk assessment of the assets in foreign currency in the standard of capital adequacy of banks is increased from 100% to 150%, which means that the bank should provide 18% (instead of previous 12%) of the credit issued in foreign currency from its own capital. According to another decision of CB Board, starting from April 14 to July 31, 2010, in the standard on disposal of foreign currency by banks, there will be 7% limitation in effect for long currency positions of banks concerning the capital, and since August 1, 2010, this limitation will be set for all open positions.