Chairman of the Union of Armenian Banks Ararat Ghukasyan considers Armenia’s banking system to be reliable, like in 2008-2009.
“According to 2009 results, the banking system gross profit has decreased by 46%, as compared with 2008, still making a significant amount,” Mr. Ghukasyan said. “The banks managed to assume the risks related to the currency rate sharp fluctuations in 2009, and no bank questioned the right of depositors to managing their deposits – the funds were entirely available for the banks clients.”
Mr. Ghukasyan noted that a moderate crediting policy pursued in 2009 is explainable due to general economic recession. “Naturally, the banks shall react to it, as first of all they take care of depositor interests and they have no right to put their funds in unreasonable risk,” he said.
Speaking about crediting trends in 2010, the Chairman of the Union of Armenian Banks noted that the banks are careful creditors and avoid funding projects or companies, the activities of which are not transparent.
