Thursday, May 19 2011 11:04
Problems in Armenian economy narrow potential of Armenian banks
Arminfo. The lack of the new and not enough transparency of the functioning companies of Armenia narrow the potential of Armenian banks to deepen their integration in the real sector of economy, Director General of VTB Bank (Armenia) Valeriy Ovsyannikov said at today's press-conference in Yerevan when commenting on the low level of integration of the Armenian banks in the real sector of economy.
"I still see no dynamics of the real sector development, in other words, practically new companies are not established in the country", - he said and added there is harsh competition between the banks but not for the quality of service but the rate of interest.
He said that the conditions are still unfavorable for creation of new business, although the government as well as the Central Bank make efforts for creation of comfortable conditions.
The fact that big, small and medium-sized business is not so much transparent, is also one of the problems of low integration of the banks in the real sector of economy, Ovsyannikov said.
According to the ranking of Armenian commercial banks, prepared by ArmInfo, by the results of 2010, the level of financial mediation of the banking system of Armenia was 44,5%.
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