Yerevan/Mediamax/. The Central Bank of Armenia issued a statement today refuting some allegations contained in the article “Iran looks to Armenia to skirt bank sanctions” of the Reuter’s agency. The article particularly reads:

“All the banks in the Republic of Armenia, operating under the supervision of the Central Bank of Armenia, are subject to the laws of the Republic of Armenia, the regulations of the Central Bank of Armenia, and the banks’ internal rules.

One of the supervisory tiers of the Central Bank of Armenia is the provision of the adequate implementation of financial sanctions imposed on certain countries under relevant decisions of international organizations.

“Mellat Bank” CJSC has been operating in the Republic of Armenia since 1996; its clientele is primarily composed of small and medium enterprises involved in the foreign trade between the Republic of Iran and the Republic of Armenia, as well as of tourists and students. The bank’s activities and assets have dramatically decreased during the past 3-4 years; in the period from December 31, 2010 to July 1, 2012, the banks’ assets have decreased by more than 50%, dropping from $88mln to only $40mln. The bank holds no correspondent accounts either in the banks of the European Union and the USA or in the Republic of Armenia.

The banks in the Republic of Armenia hold no correspondent accounts with the banks and financial institutions in Iran.

The Central Bank of Armenia will follow its supervision over the behavior and transactions of all financial institutions and their customers in the Republic of Armenia, in order to safeguard its financial system from any destabilizing effects”.