Armenia follows a policy of free markets, open borders and open transactions with all partner countries, Deputy Chairman of the Central Bank of Armenia Hovhannes Khachatryan said at the 4Future Banking forum in Yerevan.
He said Armenia’s approach is based on openness and aimed at economic prosperity. Khachatryan noted that the central bank welcomes both the success of Armenian companies abroad and the arrival in Armenia of companies that are partners of local financial institutions.
The deputy chairman added that Armenia’s financial sector has proven its resilience over more than three decades. In his assessment, it is now not only a segment serving the broader economy but also an independent sector in its own right.
Khachatryan also described the financial sector as export-oriented and called it one of the country’s important economic drivers.
Technology and innovation
Speaking about the development of financial technologies, he said technological capabilities are expanding and new solutions are emerging at high speed. At the same time, Khachatryan stressed that technology should not become an end in itself.
Its ultimate purpose, he said, should be to improve the efficiency and security of financial services, increase transaction speed and ensure pricing that remains acceptable for consumers.
He also highlighted the importance of trust when introducing new technologies — both in the providers of financial services and in the infrastructure on which those services are built.
According to the deputy chairman, financial infrastructure is no longer limited to interaction within the financial sector alone, and linking government and private services through it is increasingly important. In such an ecosystem, a high level of mutual trust is a key condition for technology adoption, he said.
