Central Bank: The process of transformation of the All-Armenian Bank into the All-Armenian Investment Fund is close to the logical conclusion

ArmInfo. The process of transformation of the All-Armenian Bank into the All-Armenian Investment Fund is close to a logical conclusion. The press service of the Central Bank of Armenia told ArmInfo.

According to the source, the Central Bank announced the beginning of the transformation process on May 24 this year, explaining the reason for the need to ensure efficient and flexible implementation of the tasks set for the All-Armenian Bank.

Now the All-Armenian Investment Fund is already operating, the functions of the manager and shareholder of which are assigned to the authorized body of the Government of the Republic of Armenia. Currently, the Government and the Central Bank are discussing legal and technical issues. It should be reminded that the Armenian Parliament adopted the Law on the All-Armenian Bank on December 24, 2008, but was subsequently revised several times and the final adoption took place in June 2011. The Central Bank of Armenia registered and issued a license to the All-Armenian Bank for banking activities on June 2, 2011.  The official opening of the All-Armenian Bank took place on September 7, 2011. The only shareholder is the Central Bank of Armenia. The authorized capital of the All-Armenian Bank as of January 1, 2017 was 7.5 billion AMD, the loan portfolio - 3.8 billion AMD (with an annual decline of 19%), and net profit for 2016 - 84 million AMD (with an annual decline of almost 3 times). (The calculated exchange rate of the dram as of 31.12.2016 is 483.94 AMD/USD1).