WILL ARMEENIA'S FINNACIAL SYSTEM RESIST CRISIS?
Support A1+!Serzh Sargsyan held a consultation with the directors of the Armenian commercial banks. According to the press office of the president, the purpose of the consultation was to define the actions under the aggravation of the global economic crisis, taking into consideration the opinion of the banks as well. Serzh Sargsyan commended that the banks were able to resist the first surge of the crisis without major losses, which he finds to be the result of a wise policy. “Now that the financial crisis has been followed by the economic crisis, we should undertake action to be able to nourish the branches of economy which will generate profit, develop and create new jobs,” he said noting that there are a number of programmes which will come true if there is finance. Serzh Sargsyan pointed to small and medium-size businesses, reiterating the assistance of the state to the banks in implementing those programmes. He also underscored promotion of exports. For his part, the president of the Central Bank Arthur Javadyan told about development and current tendencies in the banking system in 2008. He pointed to the high level of liquidity which makes the banks stable and able to resist risks. The president of the Central Bank said deposits by physical persons have increased over the past few months, and the relations of commercial banks with international organizations have improved. Over the past months contracts of 80 billion drams were signed which all include long-term financial assets.
