USIAD REPRESENTATIVE: ARMENIAN FINANCIAL SYSTEM SHOWS
SUSTAINABLE DEVELOPMENT TENDENCIES
07-06-2008 16:30:00 | Armenia | Economy
YEREVAN, JUNE 7, NOYAN TAPAN. Armenia has some
prerequisites for becoming a regional financial center and
should also make efforts to become an international financial
center, the chairman of Araratbank OJSC's board, CEO Ashot
Osipian stated at the June 6 press conference.
He explained that the indicated prerequisites are
conditioned by the fact that by its legislation on the financial
system, normative regulation field and financial technologies
Armenia is not inferior to other financial centers. It was
underlined that these prerequisites should be used, while taking
into account internationa structures' interest in the Armenian
financial market.
In his words, in order to achieve these goals, Armenia
should improve financial intermediation and access to the
financial market.
The head of the USAID Armenian Financial Sector Deepening
Project Robert Singletary in his turn said that Armenia's
financial system shows sustainable development tendencies which
will probably have a positive impact on economic development. In
his opinion, the Armenian economy should get rid of its
dependence on remittances from abroad.