A. DJAVADYAN: “SERIOUS REFROMS IN INSURANCE ASPECT”
“The laws on conducting reforms in insurance field, provided by the Central Bank are quite serious ones and they are also being implemented,” said Arthur Djavadyan, the vice president of the CB, today in “Finance, Loan and Audit” EXPO 2008.
According to him CB has tried to carry out the reforms in insurance field in Armenia which it has done in banking system. “First we cleaned up the market from the small pocket insurance companies. Prior to these 20 insurance companies were running business but currently only 8 do,” said Djavadyan.
As for the consumers’ rights protection, he answered that they have sent a document to the NA and will start discussions in this regard.
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FIRST INTERNATIONAL SPECIALISED EXHIBITION IN YEREVAN
In 2-4 May “Finance, loans, insurance and audit EXPO 2008” project will take place in Yerevan. According to the organizers, the exhibition is supported by the Ministry of Economy, Central Bank, Armenian Agency of Development, Bank Unity Armenia and Industrial and Business Unity.
The mission of the exhibition is to gather those companies which work in financial activities service and create a large scale of audience which is informed, to present bank investment aspect, hypothec, and insurance and audit methods.
More than 25 companies take part in the exhibition which has their own advanced place in the market. The exhibition will take place in “Moscow House” cultural business center.
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“FINANCES AND CREDIT” FIRST BANKING EXHIBITION TO BE HELD IN YEREVAN
YEREVAN, April 25. /ARKA/. “Finances and credit” first banking exhibition is to be held in Yerevan on May 2-4, the General Director of LOGOS EXPO Center Suren Nazinyan told ARKA agency.
In the last years the financial sector of Armenia and mortgage lending in particular started developing intensely and the country has an accomplished banking structure now, he said. According to him, the exhibition will give an opportunity to demonstrate the achievements in the field.
Numerous applications have been made for participation in the exhibition. Among participants in the exhibition are audit companies – TM Audit Grand Torton, credit organizations – NorVik, FINCA. The Central Bank of Armenia, Conversebank, Cascade Bank, Inecobank and Armenian Development Agency are also to display their products and activities.
LOGOS EXPO Center is the first company organizing exhibitions in Armenia since 1999. It is the leader in organizing diversified, production, national and international exhibitions and congresses both in Armenia and abroad. LOGOS EXPO holds 10-12 specialized exhibitions reflecting dynamic development of the economy every year.
ARMENIA’S CENTRAL BANK TO HELP CONSUMERS DEVELOP FINANCIAL COMPETENCE
YEREVAN, May 6. /ARKA/. The Central Bank of Armenia (CBA) will focus on consumers’ financial competence. For this purpose, CBA plans to organize training programs, CBA Vice-Chairman Arthur Javadyan said at the exhibition Finance, Credit, Insurance and Audit EXPO 2008.
The bank plans to provide consumers with financial handbooks to inform them of their rights and duties. Games will be organized for young people and special workbooks will be published for professors soon. Besides, consumers will have an opportunity to watch special educational programs on TV.
Javadyan believes joint efforts will contribute to the effective development of the country’s financial system. According to him, CBA aims to protect consumers’ rights and guarantee transparent financial services. With this end in view, the bank reviewed last year its policy of monitoring financial institutions (banks in, insurance companies and securities market participants). The new ideology clearly differentiates between market management and financial monitoring functions.
CB VICE PRESIDENT: “THIS EXHIBITION TENDS TO IMPROVE FINANCE SYSTEM IN RA”
Today an international specialized exhibition opened in Moscow House on “Finance, Loan, Insurance and Audit EXPO 2008” subject. The exhibition will last till May 4. The vice president of the Central Bank Arthur Djavadyan, Government Staff chairman David Sargsyan, the president of Industry and businessman union Arsen Ghazaryan and the president of Banks Union Henrik Soghomonyan and other officials were present at the exhibition.
“This is the first time such exhibition takes place in Yerevan and it is intended to inform people about the finance system in Armenia;” said the vice president and added that a subdivision is created in CB covering the problems of the consumers’ rights.
A. Ghazaryan said: “In the project of the government it is stated that Armenia should become a financing center in the region and I hope that we can carry that idea out within few years.”
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