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Wednesday, 26 October 2016


Abkhazia discusses problems of banking sector

2011-03-11 18:58

Today Abkhaz president Sergey Bagapsh has held a meeting on the operation of the country's banking system and loan services. As Apsnypress reports, the meeting was attended by the country leaders and representatives of the banking system.


At the meeting the head of the state highlighted the important role of the banking system in development of the country's economy and criticized the situation around loans. "Interest debts, also in state enterprises, are growing due to a poorly organized system. We have suspended money lending from the Privatization fund since the money is not paid back. The same is true for bank loans. No state in the world allows such things that we do. There are people who think it normal to borrow the state's money and never pay back. The time has come to take most stringent measures", - Bagapsh is quoted in the press.

Illarion Argun, head of the National Bank, presented the situation in the banking sphere of the country. Today's key problem is non-repayment of loans, he believes. "Banks have enough funds to lend to the population, but loans can't be granted without a collateral. Inter-banking loans are not granted either through the lack of a mechanism of loan granting and repayment", - he remarked. "To increase capitalization of the banking system the Bank of Abkhazia imposes a new requirement on the volume of the capital for commercial banks increasing it from RUR 20,000,000 to RUR 75,000,000 from March 1, 2011", - Argun added.

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