ArmInfo. In the Armenian banking system's total loan portfolio, loans related to banking fraud and cyberattacks make up only 0.1%. This was stated by the Chairman of the Central Bank of the Republic of Armenia, Martin Galstyan, during a press conference on May 6, while addressing the growing incidence of banking fraud in some banks in the country.
He noted that the Regulator will consider each case separately to determine the causes and respond - they may be linked to the product, regulation, or citizens negligence. The discussions with banks, as Galstyan noted, has led to an agreement on finding comprehensive solutions. He noted that credit obligations related to fraud are currently frozen. He emphasized the importance of proper regulation for addressing issues arising from innovations, aiming to strike a balance between fostering innovations and safeguarding consumers from significant issues.
Galstyan noted with regret that the Regulator is not able to monitor all products issued by banks, as about 10 people work in the relevant department, and the number of products reaches 7,500. "We understand the challenges and are trying to provide systemic solutions as quickly as possible," he said, adding that the Central Bank is currently conducting a in-depth studies in 3-4 banks.
