04, 2011

President Serzh Sargsyan conducted a working meeting with the participation of the heads of Armenia’s commercial banks

album picture
album picture
album picture
Today, President Serzh Sargsyan conducted a working meeting at the Central Bank with the participation of the heads of Armenia’s commercial banks.

The President of Armenia noted that he planned to have this meeting with the heads of the commercial banks after he had had a meeting with his economic team on the priorities of Armenia’s economic development. According to the President, at the meeting issues related to the banking area were discussed and decisions were made. As agreed, the Chairman of the Central Bank will be reporting on the course of the implementation of the decisions every week. Serzh Sargsyan suggested to talk at today’s meeting about the problems which emerge during these works and discuss joint activities aimed at the facilitation of the process.

Noting, that at yesterday’s meeting with the leaders of the mining industry they discussed also issues related to the reforms going on in the tax and customs areas, President Sargsyan stressed the importance of these reforms, as well as of the discussions with the representatives of the banking area on the issues pertinent to macroeconomic indicators and inflation. Participants of the meeting exchanged also views on cooperation between the banking sector, the state and private enterprises and existing problems. The heads of the commercial banks presented their views and proposals regarding the resolution of these problems.

Speaking about credits to be provided to the agriculture sector, President Sargsyan noted that the involvement of the banking sector in that area and favorable credit terms would have their positive impact on the development of the area.

“I trust, we will continue to work on this direction. I will ask the Chairman of the Central Bank and you all to be very principled on that issue and do everything so that credits not only reach the agricultural businesses but are also used appropriately – for agricultural works. Favorable conditions are being created for the increase of the agricultural output, for the land development, for the farmers to work and earn profit. Our task is to enhance agricultural production,” said the President.

Speaking about macroeconomic figures and containing inflation, the President of Armenia underlined that the use of the tools and instruments available in the financial sector as well as the implementation of other comprehensive measures will allow to achieve visible results in the coming months.

“I haven’t changed my opinion and believe that our banks in their policy regarding the credits provided to small, medium and, why not, even large businesses, can have a considerable impact on our economic policy. I think that in this case too, it is beneficial for two, even three sides – the banking sector, private enterprises, and the state. Yesterday, I had a chance to study meticulously the banking figures. The numbers for the first three months are very inspiring. These developments should be maintained and we, as the state, will try to consistently enhance these developments,” the President of Armenia stressed.

At the meeting, the Chairman of the Central Bank Arthur Javadian presented current developments in the banking sector, existing problems, ways to address them, as well as cooperation of the banking sector with the state and private sectors. After his presentation, the participants of the meeting exchanged views on relevant issues.

← Back to list