Financial Crime World

Armenia’s Financial Education and Training Take Center Stage in 2017

Yerevan, Armenia - The Central Bank of Armenia has made significant strides in promoting financial education and training among its staff and the general public in 2017.

Educational Initiatives

The Camp of Mediation project was launched in July and August, targeting 1,600 children aged 7 to 13 at various summer camps across Armenia. The theme-based booths provided interactive activities and games for children to learn about financial systems, services, and concepts.

In addition, the Central Bank collaborated with Armenia TV station, hosting the 5th season of the “Brainiest” program, which featured around 400 university students from Armenia and Artsakh. The best performer won a month-long internship at the Central Bank.

Television Project

The bank also partnered with various television stations to broadcast educational and informational videos on pension reforms, state-subsidized student loans, and financial services. Seminars were conducted for organizations to raise awareness about these topics.

International Cooperation

International cooperation was another key focus area in 2017, with the Central Bank strengthening ties with organizations such as:

  • Organization for Economic Cooperation and Development (OECD)
  • International Network on Financial Education (INFE)
  • Association for Financial Inclusion (AFI)
  • Eurasian Economic Association
  • Child & Youth Finance International

Staff Training and Cooperation

The Central Bank continued to enhance the professional qualifications of its staff in 2017, participating in domestic and foreign training courses, business trips, and conferences. The trained staff presented reports upon their return and evaluated the effectiveness of the courses through a special questionnaire.

The bank also deepened its cooperation with international organizations, including:

  • Central bankers’ training center at the Bank of England
  • Bank of Malaysia
  • Eurasian Economic Union
  • European Central Bank

Financial System Overview

The financial system participants expanded financial intermediation in 2017, driven by economic recovery and external sector income stabilization. The financial system asset-to-GDP ratio and loan-to-GDP ratio stood at:

  • 91.4%
  • 49.8%

The banking system remained the largest player in the financial system, accounting for around 85.5% of financial system assets.

Banking Sector

As of December 31, 2017, 17 commercial banks operated in Armenia, with the growth rate of nominal GDP matching the growth rate of banking intermediation.

  • Ratio of banking system assets-to-GDP: 78.2%
  • Ratio of loans-to-GDP: 45.1%

Overall, the Central Bank’s efforts in financial education and training have contributed to a more informed and financially literate public, supporting the overall stability and growth of Armenia’s financial system.