Thursday, July 1 2010 12:06

Deputy Chairman of Central Bank of Armenia: Threshold of banking deposit insurance should be in compliance with economic development of Armenia


ArmInfo. The growth in the threshold of banking deposit insurance envisages settlement of regulatory problems in the banking sector, particularly, the maximal threshold should be in compliance with the economic development of the country and revenues of the population, Deputy Chairman of the Central Bank of Armenia (CBA) Vache Gabrielyan told journalists. According to him, the increase of the banking deposit insurance may also raise public confidence in the banking sector, which is quite high now. "When the banking sector of many countries faced serious problems because of the crisis, the Armenian banking sector had no problems, while the economic downturn in Armenia made up 14%",- stressed Gabrielyan.

To recall, the National Assembly of Armenia unanimously adopted the bill on increasing the threshold of banking deposit insurance in the second and final reading. The bill stipulates raising of the maximal threshold of the banking deposit insurance from 2 to 4 mln AMD and from 1 to 2 mln in AMD equivalent for foreign exchange deposits. The volume of commercial banks' contributions to the deposit insurance fund is being doubled.
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