Armenia’s Central Bank controls situation, has sufficient set of tools to ensure stability in financial system

YEREVAN, MAY 2, ARMENPRESS. The Central Bank of Armenia is an independent non-political, professional body according to the Constitution and the Law on the CBA, which has two main ultimate goals: stability of prices and financial stability, the CBA told Armenpress.

The Bank’s statement says:

“Today some concerns over the exchange rate and early termination of deposits by depositors appeared in some media outlets and among users of social networks.

In this regard we want to inform the media, concerned citizens and society that the financial system of the Republic of Armenia is a functioning, developed system, banks have high liquidity, there is no issue of cash in the system, the reserves are historically at the highest level.

Moreover, we urge everyone to show restraint and not to spread disinformation: all similar media reports lead to worried behavior as a result of which our citizens and their financial resources suffer.

The CBA controls the situation and has sufficient set of tools to ensure stability in the Armenian financial system. We again call on everyone to remain calm and not to demonstrate a worried behavior in case of disinformation”.

English –translator/editor: Aneta Harutyunyan