Union of Banks of Armenia: Accession to Eurasian Economic Union will open new opportunities for Armenia

ArmInfo. The upcoming accession to the Eurasian Economic Union will open new opportunities and create serious advantages for Armenia, Samvel Chzmachyan, Chairman of the Union of Banks of Armenia, said at today's International Banking Conference 2014 in Yerevan.

"For instance, a couple of months ago the launch of an integration project in the Russian currency market was announced. The Moscow Stock Exchange has provided the banks of the Eurasian region with an access to the trading in the exchanging currency market. Moreover, the specified banks will not have to get a Russian currency permit, they will only have to have the permit of their national regulator", said Chzmachyan. He added that under these conditions, on the one hand, the Russian banks deprived of the opportunity to place idle funds in the West may invest in Armenia, and on the other hand, the Armenian financial structures get an opportunity to intensify their activities in the Russian capital market. To recall, the Agreement on Accession of Armenia to the Eurasian Economic Union may be signed on October 10 following the negotiations of the EAEU member states' leaders in Minsk. On September 1, Russian President Vladimir Putin accepted the Government's proposal to sign the Agreement on Armenia's Accession to EAEU. The Moscow International Currency Association (MICA) is holding an International Banking Conference in Yerevan. The topic of the conference is "The Banks in the Age of Changes: New Challenges, New Tests, New Opportunities". Invited are representatives of the state regulatory structures, top managers of the banks, stock exchanges, brokerage and investment companies, heads and employees of the treasury divisions, financial institutions, FX&MM dealers, experts and analysts from Russia and other countries. The conference will last till October 4. BBR Bank is the official sponsor of the conference.