On January this year, when the two heads of departments of the Central Bank were delivering a press conference, a question was raised of what would happen if Constitutional Court recognizes the pension reforms anti-constitutional. They answered that it would affect our country’s financial-economic rating.
Andranik Grigoryan, the Head of Financial System Policy and Financial Stability Department at the Central Bank of Armenia, was delivering a press conference about the financial stability in the Central Bank, and after the press conference, “Aravot” asked him whether the fact that the Constitutional Court has recognized some provisions of RA Law on Funded Pension anti-constitutional, in the event when the manager of the funded pension – the international companies, are already in Armenia, will affect the rating of Armenia.
Andranik Grigoryan responded, “I do not want to associate with the Constitutional Court’s decision, but I will say the following, “Any international organization with high reputation, which enters Armenia, and then leaves Armenia because of various political reasons, under the influence of political risk, it may have a very big impact on the international rating of our country.”
To our question of whether at this time there are any talks that the management companies of our funds (recall that they are two of them: “C-QUADRAT Ampega Asset Management Armenia, Limited Liability Company” and “Amundi-ACBA Asset Management” CJSC – M. B.) can leave Armenia, the CB representative responded, “No, no, there is no such thing, no one can say such a thing, and does not say. Unless these companies declare at their own that they are leaving Armenia, no one has the right to say so. These companies have neither expressed such an idea, nor there are talks about leaving, there is no such thing, and they are here and are working.”
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To our clarifying question of in other words, since these companies are in Armenia, the Constitutional Court’s decision will not affect our international rating, Andranik Grigoryan responded, “It is very difficult to estimate what impact this decision may have on the rating of Armenia. We can talk about that some time later, it is still too early to talk about it, I cannot answer this question, some time should elapse, after which it will be visible whether it had affected or not. I cannot say anything about the Constitutional Court, I can only say in general that any highly reputable international organization, be it a financial or real sector, when it enters the country, and leaves it because of various political problems, it may affect the rating of the country.” He also said that as of today he has no information about the intentions of these companies, which means that these companies are in Armenia and are managing already accrued funds.
Melania BARSEGHYAN
