Head of Union of Banks of Armenia: There is no monopolization in the banking system of Armenia

He pointed out that this is proved by the constant expansion of tools and services of the banks. "For instance, several years ago most of us had no idea of card systems and services whereas today there is an opportunity to choose the type of the cards and compare the banks' tariffs for similar products",- stressed Ghukasyan. He added that the competition in the banking system of Armenia is stiff and uncompromising for each client.

At the same time, due to introduction of new banking tools and technologies, the banks can make their services different from the same services of their competitors, specialize in certain spheres, and this is an element of market economy and a competitive advantage. "It is wrong and inadmissible to consider that the competitive advantage gained due to innovative approaches is monopolization",- stressed Ghukasyan. He added that in the current banking system there is no monopolization, and one should only be glad for the competitive advantages gained by means of innovation as it is the impulsive force of any sphere of activity.