Regulatory Norm Set to be Established; Varks.am Violated It, Says Galstyan

The licensing conditions for credit organizations are to be tightened, and greater responsibility is to be defined. This was the proposal made by MP Arman Yeghoyan to Central Bank governor nominee Martin Galstyan during a session of the National Assembly.

"I didn’t understand whether the unfortunate incident was that Varks.am closed down or that it existed at all. Let’s note one incident: in the case of banks, our oversight is extremely strict, and we have mandated that they maintain a capital of 30 billion drams for a reason, as banks deal with the deposits of our citizens. In the case of loans, there isn’t such a risk; they operate at their own risk and capital. Regarding the future, there are legislative elements governing these issues. As for who the owners are and their identities, we are clear on that because we also have a financial intelligence service, but it is determined that a regulatory norm is being established, and in the case of Varks.am, it is precisely that norm that has been violated. This is done in December, and it has no relation to the current situation. Regarding the future, there are legislative elements that govern it," he replied.