No further shakes expected in Armenian banking system

The hardest stage of the world financial-economic crisis is past already and no further shakes are expected in the Armenian banking system. In Armenia the world financial-economic crisis has not had such a big impact on the banking system, as in other countries, the chairman of the Union of Banks of Armenia Emil Soghomonyan told Aysor.

Banks, of course, have suffered losses, and further temporary problems are also possible, nevertheless, no worse expectations exist today and these cannot exist, Soghomonyan said.

The chairman said, the gravest crisis impact was evident March 2 this year as the currency exchange rate shifted sharply. Soghomonyan said the lossess the banks suffered under the crisis make 3-3,5 milliard AMD. Despite this, the Armenian banking system remained stable. Even the international experts assess our banking system as one of the most stable, he explained.

According to Soghomonyan, Armenia's economy has not overcome the shakes of the world crisis yet, unemployment still comes to be one of the priority issues. He informed that though the Armenian banks made a statement over providing loans to small and middle businesses, no applications have been received by now.

Soghomonyan thinks, the Central Bank new program will contribute to overcome the current problems. The program will carry out monetary financing in the spheres of consumption, agriculture, provision of mortgage.