YEREVAN, MARCH 15, ARMENPRESS. The Armenian banking system has no problems regarding foreign payments, Central Bank Governor Martin Galstyan said at a press conference when asked whether or not Armenian banks were impacted after Russia was banned from SWIFT.

During his previous press briefing, when Galstyan was asked about the possible effects on Armenia if Russia were to be disconnected from SWIFT, the cenbank governor said the effect would be “heavy”. However, now he argues that afterwards the cenbank implemented some works. “I think we were right to be proactive in this matter. As of this moment, fortunately, the Armenian banking system has no problems with foreign payments,” Galstyan said.

According to estimates of the Armenian cenbank, Russia’s economy will decline 6%, which would in turn have significant effect on Armenia.