Friday, June 22 2012 20:51
Chairman of Armenian CB: Armenia is creating all conditions for attracting foreign financial organizations
ArmInfo. Armenia is creating all conditions for attracting foreign financial organizations, Chairman of Armenia's Central Bank Artur Javadyan said during the Business Forum "Armenia: Opportunities for Growth and International Experiences", organized by the Black Sea Trade and Development Bank (BSTDB) in Yerevan on June 22, 2012.
"We have always been liberal so as to make our country attractive to foreign investors. Today, the share of foreign companies in the national capital is as high as 80%. We have always encouraged our financial organizations to cooperate with foreign partners as this is really vital in the present-day world," Javadyan said.
He said that the BSTDB's projects help Armenia to develop its economy. He noted that in Armenia banks have always been reliable partners to business companies. "Tough our banks have successfully overcome the crisis, the level of their financial intermediation remains as low as 54%," Javadyan said.
President of the BSTDB Andrey Kondakov said that Armenia, with its stable post-crisis economic growth, low inflation, stable national currency, effective fiscal administration and small national debt, is a good example for the other member states.
The annual meeting of the bank's board of governors will take place in Yerevan on June 24.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is SDR 3 billion (appx. EUR 3.3 billion). BSTDB is rated long-term A by Standard and Poor's and A3 by Moody's.
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