Armenian Ministry of Economy will document its position on the capital market development model
30.03.2026,
18:18
Approaches to Armenia's capital market development model and increasing issuer transparency will certainly be reflected in relevant policy documents, Hasmik Zakaryan, Head of the Financial Infrastructure Development Department at the RA Ministry of Economy, stated in an interview with ARKA news agency.
YEREVAN, March 30. /ARKA/. Approaches to Armenia's capital market development model and increasing issuer transparency will certainly be reflected in relevant policy documents, Hasmik Zakaryan, Head of the Financial Infrastructure Development Department at the RA Ministry of Economy, stated in an interview with ARKA news agency.
"At the moment, it is still unclear whether these issues will be addressed in a separate strategic document or included in the 'Economic Transformation and Sustainable Development' strategy," she noted.
According to Zakaryan, the ministry plans to simultaneously conduct a comprehensive assessment of the sector, assessing the legal framework, and, on this basis, develop the necessary legislative changes in collaboration with partner government agencies.
The Head of the Financial Infrastructure Development Department thinks that, on the one hand, it is important that market entry be reasonable and predictable, while, on the other, investor trust and protection are among the foundations of sustainable market development.
In this context, Zakaryan emphasized the importance of avoiding both overly restrictive requirements, which could reduce company participation, and overly lenient approaches, which could negatively impact market confidence.
"From the ministry's perspective, it is advisable to create an environment in which market entry conditions are proportionate and predictable, and requirements are sufficient to ensure investors make informed and justified decisions," she emphasized.
Previously, Central Bank of Armenia Governor Martin Galstyan stated that there are two development models: the Anglo-Saxon model and the continental European model. According to him, under the former, primary responsibility lies with the investor, while continental Europe has opted for greater consumer protection, meaning a more regulated market. In this case, the banking system has become dominant.
The full interview can be found at this link.
"At the moment, it is still unclear whether these issues will be addressed in a separate strategic document or included in the 'Economic Transformation and Sustainable Development' strategy," she noted.
According to Zakaryan, the ministry plans to simultaneously conduct a comprehensive assessment of the sector, assessing the legal framework, and, on this basis, develop the necessary legislative changes in collaboration with partner government agencies.
The Head of the Financial Infrastructure Development Department thinks that, on the one hand, it is important that market entry be reasonable and predictable, while, on the other, investor trust and protection are among the foundations of sustainable market development.
In this context, Zakaryan emphasized the importance of avoiding both overly restrictive requirements, which could reduce company participation, and overly lenient approaches, which could negatively impact market confidence.
"From the ministry's perspective, it is advisable to create an environment in which market entry conditions are proportionate and predictable, and requirements are sufficient to ensure investors make informed and justified decisions," she emphasized.
Previously, Central Bank of Armenia Governor Martin Galstyan stated that there are two development models: the Anglo-Saxon model and the continental European model. According to him, under the former, primary responsibility lies with the investor, while continental Europe has opted for greater consumer protection, meaning a more regulated market. In this case, the banking system has become dominant.
The full interview can be found at this link.
