YEREVAN, February 7 (Noyan Tapan). As of December of 2002, 25 commercial banks (CB) were operating in Armenia with 231 branches, 20 of which in the general control field, and five in the special control field, Chairman of the Central Bank of Armenia Tigran Sargsian said this February 7. According to him, the banking system of Armenia consisted of 30 commercial banks in January of 2002, but during the year four of them stopped functioning and two were merged. Tigran Sargsian also said that the 16.3% growth of the nominal GDP was accompanied by 26.7% growth of the general assets of twenty commercial banks functioning in the general control field, as well as with 26.2% growth of loan deposits. The assets of the aforementioned banks totaled 17% of the nominal GDP. Anyway, according to the Central Bank’s chairman, the banking operations are not free of problems, in particular, the problems connected with the low-quality loans, crediting interrelated people, as well as cooperative government, in particular, require special attention.
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