Bank for stimulating exports

Armenia should establish a bank to help stimulate the country’s exports, according to the Armenian producers’ union chairman Vazgen Saparian. Last year Armenia exports totaled USD 896 million, while imported goods were valued at USD 3.3 billion. There appears to be an increasing trend in the level of exports from Armenia and there is an urgent need to stimulate local production by lending more money thus increasing the export potential of the country. A bank to stimulate exports should provide loans and guarantee products produced in Armenia for export and eventually in many cases these products should replace imported products.