Moody's reports: Negative outlook for Armenian banking system

The fundamental credit outlook for the Armenian financial institutions is negative, reflecting the operating environment’s potential volatility and lingering political tensions, says Moody’s Investors Service in its new Banking System Outlook on Armenia. Moody’s negative outlook for the Armenian banking system expresses the rating agency’s view on the likely future direction of fundamental credit conditions in the industry over the next 12 to 18 months. It does not represent a projection of rating upgrades versus…

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Armenian Bloggers initiate boycott of Vneshtorgbank

Armenian bloggers have initiated a boycott of VTB Bank Armenia and are inviting everyone to join the action. Better known as “Savings Bank of the Republic of Armenia” (Armsavingsbank) was founded in 1923 and was the pillar of Soviet Banking system and law obedient Soviet citizens were encouraged to hold their savings there – which was one of the reasons, why after the collapse of the USSR and downfall of the Soviet Ruble it had…

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