ArmInfo. Armenia needs financial diversification to ensure financial stability. On December 1, at a meeting of the parliamentary commission on financial-credit and budgetary issues, this was stated by the candidate for the Council of the RA Central Bank David Nagapetyan.
In his words, today the banking sector forms the basis of the financial system of Armenia, which accounts for 84%. The Council of the Central Bank should make efforts to develop other financial institutions, in particular, the development of the capital market and insurance. Solving this issue will require the adoption of new regulations and legislative initiatives that will help attract investment in these areas.
One of the possible directions for attracting investments to the capital market, for example, may be the placement of shares of state-owned companies on the stock exchange. Large companies need to be gradually transferred to the status of open joint stock companies, also registering them on the stock exchange.
As for the development of the insurance market, as David Nahapetyan noted, it is important to introduce a compulsory insurance system, including a class of life insurance, which does not exist in Armenia. It will be necessary to pay special attention to consumer protection. Over the past 10 years, the Central Bank has managed to create the necessary mechanisms for protecting consumer rights. But there is still much to be done in this direction.
Note that David Nahapetyan has been working in the structure of the Central Bank of Armenia for over 10 years. Born in 1977, studied at Yerevan and Moscow State Universities. He completed an internship in various international financial institutions. His candidacy was nominated by the ruling My Step faction.
