ArmInfo. Central Bank of Armenia, Ministry of Finance of Armenia and the European Bank for Reconstruction and Development signed yesterday a joint memorandum on development of Armenian capital market, press-service of CBA informs.
The memorandum envisages work on development of market instruments, REPO instruments and capital market, applying of system of stimulating issue of asset-backed bonds by the banks and credit companies, introduction of the best standards and practices of considering rights resulting from signing deals on bonds, as well as establishing calculation institute, raising awareness on market instruments both among issuers and investors and removing factors hindering development of derivative securities market.
These reforms will contribute to development of investment instruments and risk hedging instruments including in the context of introduction of infrastructure of billing and accounting of the deals with these instruments, which in its turn has a significant importance for diversification of investments from pension funds and enlargement of physical entities' participation in the capital market.
EBRD Director for Local Currency and Capital Market Development Andre Kuusvek noted that consistent activities on development of Armenian capital market are a strategic priory for EBRD. Armenia along with other six countries is involved in EBRD program on development of currency and capital markets. Armenia's participation is based on its market potential as well as by readiness of the Central Bank and the government, he noted.
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