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FINANCIAL SYSTEM AND CONTROL
Introduction
| Starting January 1 2006, the Central Bank of Armenia has been acting as regulator and supervisor of the Armenian financial market. The principal motivation for creation of a single supervisory authority was to oversee general risks in the market. The trends of merger of banking, insurance and securities businesses all over the world are typical to the developments of the financial market. This requires supervision to launch a complex monitoring of the development trends in the financial market, evaluate risks inherent in various sectors of that market and measure their impact on overall developments of the financial system. |
The biggest player of the Armenian financial market is banking sector that accounts for about 92 percent of assets of the financial system. As at December 31 2011, the Armenian financial market numbered 21 commercial banks (with 442 branch offices), with: - Total equity amounted to AMD 355.9 billion (31.12.2011)
- Total assets amounted to AMD 2 trillion 67 billion (31.12.2011)
- Total liabilities amounted to AMD 1 trillion 711 billion (31.12.2011)
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As at December 31 2011, other players of the Armenian financial market included:
32 credit organizations (with 78 branch offices) 8 insurance companies and 4 insurance brokerage firms 123 pawnshops 231 exchange offices 1 legal entity currency dealers 10 money transferring companies ('HayPost' CJSC, 'Armenian Express' CJSC, 'Depi Toun' LTD) and 6 organization dealing with processing and clearing of payment instruments and payment documents ('Armenian Card' CJSC) 8 investment companies, NASDAQ OMX Armenia and Armenian Central depositary - 14 reporting issuers
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