Armenia has a stable banking system: PM introduces new Central Bank President to staff

Prime Minister Nikol Pashinyan introduced today new President of the Central Bank of Armenia Martin Galstyan to the Bank’s staff.

Armenia has a stable banking system: PM introduces new Central Bank President to staff

Armenia has a stable banking system: PM introduces new Central Bank President to staff

STEPANAKERT, JUNE 15, ARTSAKHPRESS-ARMENPRESS: Pashinyan thanked former CBA President Artur Javadyan for the works done during this period.

“I wish good luck to Martin Galstyan in his activity as CBA President. Mr. Galstyan is not a new person in the banking system and is working in the field for quite a long time. I closely communicated with the Central Bank in the past two years and can state that the Bank has a very a good team which is working on the stability of the banking system”, the PM said.

According to Pashinyan, the Central Bank is one of the most important achievements of the third Republic. He stated that the banking system in Armenia is stable and well-established.

“All these is seen from how the financial system demonstrated itself in several crisis situations or during political upheavals, including also during the peaceful, Velvet and people’s Revolution, as well as during the current coronavirus crisis. Of course, this change that is taking place is important in a sense that it ensures certain legacy for the activity of the Central Bank. On the other hand, it also symbolizes the further development course and necessity of reforms of changes without undermining the stability”, Pashinyan said.

He said in the current period one of the key challenges of the banking system is to raise the financial literacy among the citizens of Armenia. The PM highlighted the need for actions so that Armenians will be able to see and understand the nuances of the banking system.
“One of our greatest tasks, challenges must be to make the Central Bank more human-centered. We should do so that the context of relations between the banking system and the citizens becomes more constructive in order to avoid negative perceptions around this system. This is one of the most important preconditions for the stability and sustainable development of our economic system”, the Armenian PM added.
He said they have certain agreements with former CBA President Artur Javadyan in terms of future activities. Pashinyan said Mr. Javadyan will be engaged into the process of developing the economic policy, analyzing economic issues and engaging international economic specialists.
“We have concrete programs the implementation of which will be a great success for the development of economic mind of Armenia”, the PM noted.
In turn Artur Javadyan thanked the CBA staff and expressed confidence that the new President will ensure the continuation of the stable work.

“We have a professional team that will be capable to keep the financial stability, as well as to have a stable macroeconomic environment in the current situation caused by this coronavirus crisis”, Javadyan said.

New President of the Central Bank Martin Galstyan thanked for the appreciation.

“During these years a team has been really formed in the Central Bank which passed many experiments and has been capable of solving its tasks. I assure you that the work which has been done will be continuous, we will deepen the cooperation with our partners of the government for the benefit of our nation and society. We will make all efforts to ensure macro-stability in the country regardless of everything”, the new CBA President said.