In an interview with 168 Hours on Tuesday, Chairman of the Board of Armenian UniBank, Vartan Atayan, discussed the banking system and other system-related topics.
He stated that in 2014 the system saw tension from sources abroad, primarily in Russia. With interventions that were made by the Central Bank, he states that the system was able to restabilize.
A concern that the interviewer voiced was the potential closing of banks that could not meet increased capital requirements. He stated that this can be avoided if shareholders step in or if mergers take place. From his perspective and that of UniBank, these measures aim to strengthen the national banking system and the nation's currency.
Atayan noted that stringency on the market will cause Armenian banks to meet international quality standards.
He clarified that the business loan interests rates, which were increased, would be a temporary measure; he also pointed out that increases in capital will mitigate the need for increased rates.