Haykakan Zhamanak: Armenian banking system may be affected by Cyprus crisis

The Cyprus financial crisis may affect Armenian banking system, Haykakan Zhamanak says.

“A considerable part of doubtful Armenian capital is kept in the Cypriot banks. This capital mainly belongs to senior Armenian officials, who invest these sums in Armenia through Cyprus as foreign capital. Thus, they manage to keep their property secret. According to official data, investments from Cyprus in Armenian banking system total $84m,” the paper says.