Banking system needs more integration in economy’s real sector: economist

Banking system has many issues in Armenia, economist Tatul Manaseryan told Aysor.am speaking about the government’s decision on making amendments in the law about Banking secrecy.

“The issues which become visible during the time are the result of surface approach. An impression is as if a person can freely decrypt the data and not have any banking secrecy at all,” Manaseryan said, adding that the problem is completely different with one of the important issues being the lack of banking system’s integration into real sector of the economy.

“There are a lot of other issues. The bill must first of all ensure the availability of banking secrecy with grounded decision of the court,” he said, adding that a person or state institution cannot have it on its own.

“Besides laws acting in Armenia and general environment there are also international norms we should not divert from even if the whole society want it,” he noted.

The economist also said the initiative aims at ensuring equal balance of protection of banking secrecy, fight against corruption crimes and public interests.

He also said he does not think that the prosecutor will every time request the data unless there are grounded proofs that a person is engaged in criminal deeds.