Serious crisis may hit Armenia’s banking system

Serious crisis may hit Armenia’s banking system
# 15 January 2013 12:38 (UTC +04:00)

Baku. Anakhanum Hidayatova – APA-Economics. Troublesome news is flowing in recent times from Armenia’s banking system, APA-economics reports quoting the Haykakan Zhamanak daily.

“According to this information, such problems have risen in our banking system that may result in a serious crisis.

First and foremost, the problems refer to the returnability of loans. That is, people receive a loan from a bank to pay off a loan they had earlier received from another bank.

Pursuant to the working legislation in Armenia, this is not encouraged, to say the least, but the respective agencies turn a blind eye to this. Otherwise, the entire financial system could collapse.

The banks hope that the Central Bank would find sources of large amounts to inject money into the banking system. But it seems these hopes are not materializing. According to some information, substantial difficulties have already risen among four banks that operate in Armenia,” Haykakan Zhamanak writes.

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