“With the new decision of the CB, banks don’t become more reliable” (video)
Before 2017 all the banks of Armenia must have 30 billion AMD capital instead of 5 billion AMD. This decision was made by the CB at the end of 2014. The CB has taken such step to stabilize the financial system in Armenia, explains the economist, the shakes of the currency market during last year could not remain without consequences. “I hope that it is a part of a well-thought-out plan, because if I was asked, I would not take such step,- says former President of the CB Bagrat Asatryan,- You don’t solve problems by raising the capital, banks won’t become more reliable, whether the capital is 5 billion AMD or 50 billion AMD, it doesn’t mean reliable, it is stronger, but it is relative.” Today 21 commercial banks operate in Armenia. The economist is sure that there will be reorganization after that decision, and some of them will be abolished. This version is rejected at banks. They refuse to speak in front of cameras but they make sure that today and after 2 years they will comply with the requirements of the CB. President of the Union of Armenian Banks is sure that 2 years are enough for all the banks of the RA to fulfill this demand. Samvel Chzmachyan thinks that several scenarios are possible- for example magnification of banks or dissolution. Nevertheless, the most vulnerable in this decision is the terms. If the decision was made in 2010, Bagrat Asatryan would take it more seriously. Bagrat Asatryan thinks that instead of that step for the stable development of the banking system, the CB must have promoted active work of banks at the international market.
