Central Bank Governor: We are trying to establish new systems capable  of addressing new challenges

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.