ArmInfo. The Chairman of the Central Bank of Armenia, Martin Galstyan, has emphasized the importance of developing financial systems in addition to ensuring stability and a safe investment environment. He made these remarks during a panel discussion <Paving New Paths to Growth through Reforms in Armenia>, held on the sidelines of the presentation of the World Bank (WB) report <Middle Income Trap: Implications for Armenia>.
He highlighted Central Bank's efforts to establish new systems capable of addressing new challenges and stressed the significance of attracting investments, both domestically and internationally. Therefore it is necessary to create a safe and stable environment. Touching upon the financial sector of Armenia, Galstyan pointed out the importance of improving the bank management system and management practices. <This is extremely important for us. We started working with banks and their owners, trying to explain the beneficial impact of corporate governance, > said the Chairman of the Central Bank. He noted that there are owners who are already trying to change their management style and establish stricter rules of the game. Given Armenia's geographical location, its proximity to Russia and Iran, and the presence of unfavorable relations with some neighboring states, management is of fundamental importance, according to Galstyan. Regarding innovations, he noted that the Regulator has always been part of reforms in Armenia, regardless of whether they were carried out in their field of activity or not. At the same time, Galstyan attached importance to the Diaspora, calling it one of the important assets and values that Armenia has. "And if we cannot fully use the potential of the Diaspora, we will face problems," he noted.
