Friday, June 3 2011 17:30

Representative of EBRD calls on banking community not to ease in the conditions of growing competition


ArmInfo. "Competition in the banking system of Armenia grew in 2010 and the sector became more aggressive", - the head of the EBRD Yerevan office Valeriu Razlog said today when making a speech at the annual meeting of shareholders of Armeconombank.

He also added that the growth of crediting of the private and corporative sector, decreasing of the rates of interest, increasing of the terms of credits repayment, extension of the banking services specter and growing of offices net are evidence of growing of competition. He said it is positive that Central Bank has been effectively working to keep inflation. It also uses new tools to increase financing in local currency.

Razlog also added that in the conditions of growing competition the bank should continue making innovations and extending the specter of services, without losing quality.

He highly appreciated the activity of Armeconombank in 2010.
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