Artur Javadyan: Central Bank faces staff turnover as the wages are  non-competitive compared with commercial banks

ArmInfo.Salaries of CBA employees are not competitive in comparison with salaries in  commercial banks, which is why staff turnover is observed. The  Chairman of the Central Bank of Armenia Artur Javadyan said this on  October 28, answering a question from journalists. ''If earlier, on  average, in y-o-y  terms, 50-60 people left work, this year the  number exceeded 100'', he said.

At the same time, A. Javadyan said that for 2020 the Central Bank  does not provide for an increase in workers' salaries, with the  exception of the natural increase in salaries, established within  1.9%.

''According to the RA Law on Central Bank, our salaries should not be  lower than the average salary of employees of commercial banks. But  at the moment they are lower. In recent years, from the point of view  of increasing salaries, we were guided only by natural growth, taking  into account the term of service, experience of the employee, etc.'',  he stressed.

A. Javadyan also noted that according to the same RA law, the Central  Bank pays wages to its employees from its own funds, and not from the  state budget. He stated that he did not see the need to revise the  law.

''Commercial banks forecast a salary increase of 8% for 2020. We  forecast 1.9%, based on the established limit of natural growth. And  in addition to the latter, the Central Bank for 2020 does not provide  for an increase in wages, and in this regard we are left behind  commercial banks'', he concluded.