Armenia

A SUPPLEMENT TO EUROMONEY – April 1997

Introduction

Both in Armenia and the former Soviet Republics the financial and, in particular, the banking systems were the last area where reforms were introduced. When the Soviet Union collapsed, the newly independent republics were developing and pursuing their own economic policies, though they were all still in the rouble zone. This had an adverse effect on the financial and banking system development.

In the early 1990s the banking system’s capital was increased considerably.