Wednesday, May 27 2020 18:24
Alina Hovhannisyan

CBA: High level of liquidity and capital adequacy in the financial  system of Armenia can withstand shocks

CBA: High level of liquidity and capital adequacy in the financial  system of Armenia can withstand shocks

ArmInfo. High liquidity and capital adequacy in the financial system of Armenia allow to withstand shocks.

Thanks to these buffers, banks, at this stage of the coronavirus pandemic, were able to overcome difficulties and quickly respond to the situation by providing borrowers with credit holidays.

The banking system will continue to be able to serve  customers as normal, both borrowers and depositors, if everyone  treats the situation with high social responsibility. On May 27,  Andranik Grigoryan, Director of the Financial Stability Department of  the Central Bank of Armenia, stated this during an online press  conference, giving an assessment of the financial system of Armenia  in a pandemic.

He emphasized that the Central Bank is ready to provide additional  liquidity if such a need arises. A.  Grigoryan remarked: "Those the  liquidity cushions that banks, credit companies and insurance  companies had made it possible for them to be the first to respond  voluntarily to the negative phenomena in the economy and financial  system that arose due to the pandemic and led to a slowdown in  economic activity, the closure of various businesses. "In this  regard, he noted that the Armenian banks within the framework of the  announced credit holidays from March 13 to this day have reviewed and  extended loan obligations of 540 thousand individuals and 17 thousand  legal entities, making it possible for 3 months not to make payments  on interest payments and the principal amount of the loan. Now banks  in accordance with their approaches continue to review the  conditions.

At the same time, the representative of the Central Bank said that  2020 began with great achievements, both in terms of financial  intermediation and in terms of introducing new financial instruments.  Risks, he said, were at a manageable level, because the Regulator was  able to assess the potential development of the situation, which  could be in the financial system, and respond through macroprudential  policy instruments.  "I hope that we all, recognizing the risks  associated with the pandemic, will show high social responsibility in  order to avoid their deepening, thus allowing the financial system to  work quietly and continue to serve the economy, guided by the same  principles and approaches," he stressed. 

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