Armenia did not give up the idea of transforming into regional financial center

Armenia did not give up the idea of transforming into regional financial center
ARKA, 23.02.2010

Armenian economy minister Nerses Yeritsian shrugged off speculations that Armenia has given up the idea of making a resort town of Dilijan into a regional financial center.

‘The Central Bank of Armenia is doing some relating work, but to recover this idea we need more time and only then move ahead,’ the minister told a Monday news conference.

The idea of making Armenia a regional financial and banking center was first discussed during a 2008 May 24 conference in Dilijan, attended by the president and prime minister of Armenia.

According to Yeritsian, Armenia may transform into a regional financial center, but it must first enforce sweeping reforms in pension, insurance and corporate management sectors.

‘If we manage to attract several economic sectors to the capital market this and next year, we would have a ground to return to this idea,’ he said.