Call to Refrain from Groundless Speculation Around the Banking System: Union of Banks

The Union of Banks of Armenia has issued a statement calling for a cessation of groundless speculation surrounding the banking system.

The statement reads: "Due to the specifics of its functions, the banking sector operates with a wide range of public engagement and is vital for the country and the economy; therefore, it is strictly regulated and closely monitored. Moreover, the banking system is fully transparent, and all necessary information concerning it is publicly available. Industry professionals regularly present accessible information and provide necessary clarifications backed by numbers and facts.

At the same time, the banking system has continuously been the target of unfounded criticism and misinformation, sometimes due to a lack of financial literacy, while at other times existing or alleged issues have been exploited by some to accumulate 'points' among the public for various motives.

It is evident that in times of economic and financial crises, the banking system draws attention worldwide, becoming more sensitive and, to some extent, vulnerable, thus making the issues related to the system a priority for the majority of the population.

Given the current situation, media publications regarding the operations of the financial system have become active again. Certain 'experts' who are neither specialists in the banking sector nor possess even basic knowledge of the system are trying to cast shadows on the positive outcomes achieved over many years.

In exchange, utilizing the opportunities granted by media and other platforms, they express their unprofessional opinions on various phenomena, thereby misleading a segment of the public, creating misconceptions, and in some cases, forming erroneous expectations, diverting attention from actual solutions to existing problems.

Accordingly, we urge everyone to refrain from groundless speculation, making unprofessional assessments, and voicing 'analyses' in the existing situation. We advise our compatriots to seek the opinions of industry professionals for relevant, necessary, and quality information regarding your concerns, follow their recommendations, and if necessary, consult with your service bank. This is the only and most beneficial way to avoid misunderstandings and make sound decisions.

P.S. The occasion for this statement was specifically the broadcast of the ‘Mixed Economy’ program on April 13 on 5 TV Channel, where the guest, Hrachya Berberyans, the head of the Armenian Agrarian Union, made unprofessional assessments regarding banking services offered to the agricultural sector."