Armenia Turkish Cooperation Seen in Banking

YEREVAN ("Hayastani Hanrapetutyun" daily)–The 5th Conference of the Central Asia & Transcaucasus Group of the Basel Committee started in Yerevan Thursday–with Ismail Hakki–Chief Manager’s Advisor of the Turkish Central Bank–in attendance.

Armenian Minister of Economy and Finance–Armen Darbinian–stressed in his welcoming speech that the development of the region would not be possible without collaboration with the banking system of Turkey and other countries. He said that the presence of the Turkish delegate is also evidence of Turkey’s Central Bank being interested in regional collaboration.

Questioned by Interfax regarding whether financial-economic collaboration is possible without resolution of political issues–Darbinian responded positively–saying businessmen–commercial banks and trade-economic relations were always developing in advance–and should play a big role in politics

The Basel Committee was founded by Presidents of the Central Banks of 10 countries of Europe in 1974 to promote banking control in participating countries and ensure constant cooperation among them. The Committee aims at raising the banking control level in the world. Currently the Netherlands presides over the Committee.

The Central Asia & Transcaucasus Group was established in 1995 in Yerevan. Since then–Armenia has been presiding over the Group. The Group members include Armenia–Georgia–Kazakhstan–Turkmen’stan–Kyrgyzstan–Tajikistan–Uzbekistan–Azerbaijan and Russia. The last two countries joined the Group in 1996 and 1997–respectively.

"Armenia’s banking system is the most developed one among our Group-member countries–and I think these countries may learn a lot if they study our experiences and activities," said Regional Group Secretary Artak Anessian. "Armenia–in its turn–can learn interesting ideas from other participating countries."

The forum was opened by Chairman of the Regional Group Council–Rouben Valessian–after which reports by representatives of the Central Banks of Kazakhstan–Turkmen’stan–the Netherlands–Kyrgyzstan–Ukraine and Moldova followed.

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