Martin Galstyan: High trust is  result of  consistent reforms in  banking system

ArmInfo. The consistent reforms in the Armenian financial market-improving regulations, creating infrastructure such as a deposit guarantee system, the institution of a financial ombudsman, and establishing a national payment system and a credit bureau-made it possible to form strong public trust in the Armenian  banking system, as stated by Martin Galstyan, Governor of the Central  Bank of Armenia, during his address  at the 2nd International Banking  Forum.

He noted that as a result of this long-term and systematic work,  Armenia has developed a system whose asset volume exceeds the  country's GDP, compared to 20% of GDP in the early 2000s.

According to him, despite the significant challenges faced by the  financial market and banking system, the country's financial sector  has successfully overcome them and is well positioned  to meet  rapidly changing future demands. Global economic uncertainty is  increasing, and the digitalization of life is rapidly underway,  requiring a significant increase in risk assessment and management.

Galstyan emphasized that the Banking Forum is becoming an important  platform for seeking answers to questions that concern market  participants and setting the agenda for the future. This platform  also provides an opportunity for regulators to maintain ongoing  dialogue with market participants, who can share their best  practices.

It is worth noting that the Banking Forum, organized at the  initiative of the Union of Banks of Armenia and titled "The Future of  Banking: Innovative Sustainable Development and Prospects," is being  held in Armenia for the second year. This year's Forum brought  together over 500 participants, including guests from the United  States, Britain, Austria, Germany, Luxembourg, the UAE, Poland,  Greece, and Georgia.

The event featured panel discussions on risk management related to  "understanding sanctions" and compliance, digital transformation, the  use of AI, and capital market development in the country.  Tomorrow,  September 24, the Forum will host panel hearings on regulatory reform  and economic growth, examining the challenges and opportunities  associated with sustainable finance and ESG compliance.