DILIJAN - A FINANCIAL CENTER?
The Chairman of the Union of Armenian Banks Stephan Gishian summarized the results of 2006 in the annual meeting of the union on June 25.
According to Gishian an intense competition was recorded among the 21 banks of Armenia in 2006. Thanks to it the service level rose and the services were developed.
In 2006 all the banks had profits - 17.1 billion drams in total. The banks' assets increased by 20% - 544 billion drams, the deposits exceeded 150 billion drams.
Stephan Gishian was sure that this year the results would be better, but he mentioned that there were also many things to do.
The deposits are only 5% of GDP in Armenia, while in European countries it is 50%. The banking level is very low in the regions.
The Chairman of the Union of Armenian Banks called all the bankers to put more efforts in order to direct money turnover to the banks and to reduce the shadow.
The Prime Minister Serge Sarkisian in his speech assured that Armenian banking system is involved in the world financial processes. He also mentioned that the role of banking system in the development of the economy is unsatisfactory, that's why the specific weight of the loans in GDP does not exceed 10%.
The Prime Minister also spoke about the projects that the Government would realize together with the Central Bank and Union of Armenian Banks.
The first proposal is to change Armenia into a regional financial center. Taking into account not-proportional development of the Armenian regions and that most of the people who live out of the capital are deprived of making use of the banking system, the Prime Minister proposed choosing a medium or a little town in Armenia and changing it into a financial center. "For example, Dilijan or another town. It will also contribute to the development of the whole region", he said.
The Chairman of the Armenian Central Bank Tigran Torosian responded to the proposal of the Prime Minister and said that the Central Bank and the Union of Armenian Banks would discuss what investments and how long it would take to change one of the Armenian towns into a financial center.
The Chairman of the Central Bank mentioned that the annual 20-30% development of the banking system was not enough for the aim of increasing the role of the banks in the development of the economy. It might be at least 40%.
He also attached importance to the growth of the involvement of natural and juridical persons in the banking system. The bank clients' number increased only by 8.5% (60.000 people) and was 763.000: 723.000 - natural persons and about 40.000 - juridical persons.
The next issue is the strengthening of the competition of banking system. 5 foreign banks will start their business in the Armenian banking system soon: "Armpostbank" with Dutch capital, Russian "Gasprombank", Lebanese "Byblos" bank, Austrian "Rayfazen" and German "Procredit" banks.
Tigran Torosian attached importance to the development of hypothec market and mentioned that in the next 5 years it is planned to increase the volumes of crediting to 350 billion drams instead of present 30 billion drams.
Not-compatible companies leave the insurance sphere. In the security market the Swiss OMX will get the Armenian Stock Exchange and Central Depositary and will start the development of this sphere.
The Chairman of the Central Bank also promised to create 600 billion drams savings 5 years later in virtue of the reforms in the pension system.
- By Ara Martirosian
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