YEREVAN (Noyan Tapan)–A joint statement on further cooperation between the Armenian and Kyrghyzian central banks was signed August 22. The document calls for the increase of exchange of experience between the two countries’ banks.
President of the Central Bank of Kyrghyzia Ulan Farbanov said that a special inspection procedure was worked out so that the country’s Central Bank will be able to make impartial inspections of commercial banks. The procedures for Central Bank to solve problems in the system were specified–which makes the Central Bank’s actions more transparent and predictable. During the last two years Kyrghyzia’s banking system has undergone reorganization twice. The first time it was done with the assistance of international financial organizations–and the second by the country itself.
President of the Central Bank of Armenia Tigran Sargssian pointed out that Armenia and Kyrghyzia share common supervisory activities for commercial banks–which in turn necessitates the exchange of experience between the two countries’ central banks. Sargssian pointed out that the fall in the exchange rate of the dollar does not hurt Armenia’s international reserves–because Armenia has diversified its reserves.