Government’s initiative on bank secrecy to result in serious explosion: ARF-D representative

ARF-D representative, economist Artsvik Minasyan claims that government’s decision on bank secrecy is not the best international experience.

“A sick practice has been formed when a young person sitting in the ministry thinks let’s carry out this idea, and they bring it and carry it out, without thinking of possible consequences of this idea,” Minasyan said in an interview to Aysor.am.

The economist described the idea as rather dangerous.

“It will result in taking money out, in keeping them in cash and which is the worst it will simply close the way for possible money entries for the state expecting foreign investments,” he said.

The ARF-D representative assessed the role of the Central Bank in this process as highly negative.

“Currently the Central Bank has taken the anti-investment position, it has adopted approach of being far from any troubles,” Minasyan said, adding that from legal viewpoint the approach is inexplicable.

“From legal viewpoint this is vulnerable, illogical initiative that will ensure unnecessary burden on Armenia’s judicial system,” he said.

The ARF-D figure stressed that the current political authorities not having clear development approach are doing everything possible to put all the responsibility on the people.

“I consider it wrong from political perspective as well as the reforms in justice system must start from bringing into life the constitutional norm which clearly states the right to information privacy,” said Minasyan.

“Violation of this fundamental principle ignoring the country’s economic, social, political, financial development conceptual approaches and building everything in accordance with the wishes of the current ruling power is unpromising, wrong action that will result in surge of dissatisfaction among people and will explode and this explosion will be much more severe,” said the ARF-D representative.