Goskatunsky bonds should serve as an excess liquidity tool, and not the only way of liquid investments.
This opinion was expressed by the chairman of the Central Bank of Armenia Tigran Sargsyan. Today, banks, considering state bonds as liquid investments, direct funds to finance the state, and not the country’s economy. To change the situation, it is necessary to further reduce the profitability of government bonds so that banks are more active in lending the economy. It should be noted that the share of the economy lending to combines as of October 1 last year amounted to 5.98% of GDP against 4.44% as of January 1. The share of investments in the GOSK bonds in GDP is 3.33% against 1.97% for January 1. Interest rates on drama loans in the first nine months of 2003 increased from 23.4% to 25.6% on average, and on dollar loans – from 19.4% to 19.5% per annum.
A decrease in trading volumes on the Armenian Stock Exchange (AFB) Armex is more due to the insufficient development of the speculative securities market. This was reported in an interview with Arminfo correspondent by the chairman of the Supervisory Board of AFB ARMEX Ermonium Vardevanyan. According to her, such events as updating the Armex Plaza trading system were supposed to create the prerequisites for the emergence of a speculative component of the market. The updating of the trading system was associated with the connection of an additional module for the organization of trade, in particular, with corporate and government bonds, explained. Vardevanyan.
In addition, she added, the activation of exchange trading would contribute to the provision of technical support to members of the exchange, in particular, the implementation of software for maintaining internal accounting of operations. This would help brokerage firms to save essential funds that could be aimed at creating new tools in the country’s securities market, said the chairman of the Supervisory Board of AFB. Another reason is to use the preliminary 100%deposit of securities and cash during the clearing and calculations of the method of preliminary 100%, noted. Vardevanyan. This method was the only true at the beginning of the formation of a new regulated market, but most likely, today it has already exhausted itself, it has informed.
Today, according to E. Vardevanyan, the market requires more flexible mechanisms, in particular, conducting bidding with partial preliminary depositing, or preliminary deposit bases.
