ArmInfo. The consistent reforms in the Armenian financial market-improving regulations, creating infrastructure such as a deposit guarantee system, the institution of a financial ombudsman, and establishing a national payment system and a credit bureau-made it possible to form strong public trust in the Armenian banking system, as stated by Martin Galstyan, Governor of the Central Bank of Armenia, during his address at the 2nd International Banking Forum.
He noted that as a result of this long-term and systematic work, Armenia has developed a system whose asset volume exceeds the country's GDP, compared to 20% of GDP in the early 2000s.
According to him, despite the significant challenges faced by the financial market and banking system, the country's financial sector has successfully overcome them and is well positioned to meet rapidly changing future demands. Global economic uncertainty is increasing, and the digitalization of life is rapidly underway, requiring a significant increase in risk assessment and management.
Galstyan emphasized that the Banking Forum is becoming an important platform for seeking answers to questions that concern market participants and setting the agenda for the future. This platform also provides an opportunity for regulators to maintain ongoing dialogue with market participants, who can share their best practices.
It is worth noting that the Banking Forum, organized at the initiative of the Union of Banks of Armenia and titled "The Future of Banking: Innovative Sustainable Development and Prospects," is being held in Armenia for the second year. This year's Forum brought together over 500 participants, including guests from the United States, Britain, Austria, Germany, Luxembourg, the UAE, Poland, Greece, and Georgia.
The event featured panel discussions on risk management related to "understanding sanctions" and compliance, digital transformation, the use of AI, and capital market development in the country. Tomorrow, September 24, the Forum will host panel hearings on regulatory reform and economic growth, examining the challenges and opportunities associated with sustainable finance and ESG compliance.
