International tendencies will not pass Armenian financial markets
Media Room
Blitz-interview of the Trading Director of Armimpexbank Sergey Sevchenko with the correspondent of ArmInfo.


- How will the international crises affect, and will it affect at all, the liquidity of financial markets of Armenia? It is a question of the influence of international tendencies firstly on interest rate policy of market participants, lending to economy of Armenia and physical entities.

- I think that in this regard, the degree of integration of Armenia in the world economy is not high: international liquidity crisis will affect the financial market of Armenia not to the extent and not as intensely as integrated markets. However, unfortunately, global tendencies hardly will pass Armenian financial markets by, and in this respect, increase of rates is expecting us, which in fact is already happening.

- One of the weighty problems of the Armenian banking market is the resource deficit. Although the volume of foreign investments in the banking system was large in 2007, will the international crisis influence on the decrease of the volume of investments in the banking system of Armenia?

- Undoubtedly, it will, and already has influenced, which will be reflected in the increase of financial market interest rates.

- The Central Bank of Armenia recently is constantly increasing the settlement interest rate. In your opinion, is this the consequence of the increase of interest rates or a preventive measure of the CBA?

- This is the consequence of the influence of world tendencies, and the increase of CBA rates is the reaction on increasing level of inflation.

- The further weakening of the US dollar in the international market does not exclude recession of the US economy. In this case, what will be the influence on the Armenian dollarized market?

- I would say vise versa. Fears of recession of the US economy resulted in the weakening of the dollar. The further weakening of the US dollar will reflect not only on the economy of Armenia, but also in global scale on the level of prices of energy vectors, food, precious metals and many other commodities. This in its turn may cause increase of price levels, and accordingly, inflation.

Updated 25.07.2009, 11:22
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