Yerevan/Mediamax/. Armenian Prime Minister Tigran Sargsian stated in Yerevan today that “the margin of Armenian commercial banks is quite high and occupies one of the leading places in the world”.

Head of the government said this today, speaking at the meeting with students of economics universities, organized at the initiative of Mediamax and www.Banks.am portal.

According to Tigran Sargsian, one of the main factors, which influence the high level of margin, is the low competition among the participants of the market. On the other hand, according to the Prime Minister, the size of the margin allows securing profitability of both the banking system of Armenia in general and individual banks.

Tigran Sargsian noted that the banking system of Armenia is successful and an obvious evidence of this is the fact that in 2009, the government of Armenia did not allocate “a single luma” to support financial organizations, which possessed the necessary reserve of liquidity.

Speaking of the monetary-credit policy, carried out in the country, the Prime Minister stated that the Central Bank of Armenia is gradually toughening the policy by means of increasing the refinancing rate. According to Tigran Sargsian, CB is shifting from expansive policy, which was necessary to mitigate the consequences of the economic decline, to the policy of deterrence, in order to control the level of inflation.