Armenia Central Bank, Ministry of Finance and EBRD sign memorandum on development of Armenian capital market
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YEREVAN, MARCH 16, ARMENPRESS. On March 15 Armenia Central Bank, Ministry of Finance and European Bank for Reconstruction and Development(EBRD) signed a memorandum on the development of Armenian Republic’s capital market.
“Armenpress” was informed from the Department of Public Relations of the Armenian Central Bank that the memorandum includes a series of joint activities to develop the capital market, namely, works on development of tools of the capital market in Armenian drams, measures in relation to activities that hinder the development of the derivatives market, work on the development of instruments for repo and money market, measures related to the introduction of the promotion system by commercial banks and awareness raising activities on the capital market instruments in terms of issuers as well as investors.
This works will have an important role in the development of new high-quality investment and risk hedging instruments, as well as the introduction of billing and accounting infrastructure that ensures effective sales of the mentioned tools.
Chairman of the Armenian Central Bank Arthur Javadyan, welcoming signing of the memorandum, highly appreciated the result of activities of EBRD in Armenia, noting that the mentioned bank through its various projects greatly contributed to the smooth development of Armenia's financial system, international experience and the introduction of new instruments.
In January this year, the EBRD approved a new program for small and medium enterprises for the development of local currency and capital market. The new program with more extended version replaces already concluded local currency lending program, based on which memoranda of understanding was previously signed with 6 countries (Armenia, Moldova, Georgia, Mongolia, Kyrgyzstan and Tajikistan).
As AndreKuusvek,EBRD DirectorforLocal CurrencyandCapital Market Development, noted during the signing of the memorandum, taking into account the effectiveness of development projects in the past, the Bank is expanding the geographic area of the implementation of its activities, including other 15 countries in its capital market development programs.