Armenia's Ministry of Finance reported that Finance Minister Vahe Hovhannisyan met J.P. Morgan Public Sector Vice Chair Daniel Zelikow during a working visit to the United States, covering Armenia’s economic and political situation and options to deepen links with major international banks. Zelikow highlighted Armenia’s debt-to-GDP ratio among the indicators that stood out, while Hovhannisyan pointed to closed borders and political conflict as key drivers of Armenia’s low sovereign rating. The minister reiterated Armenia’s aim to become a regional financial hub and framed the expansion of correspondent banking relationships as a way to diversify the export of intermediary services by the Armenian banking system. Hovhannisyan raised the possibility of opening a J.P. Morgan office in Armenia, and both sides agreed to continue the dialogue.
Ministry of Finance (Armenia) 2025-02-06
Armenia's Ministry of Finance discusses correspondent banking ties and a potential J.P. Morgan office with Daniel Zelikow
Armenia's Finance Minister Vahe Hovhannisyan met with J.P. Morgan's Daniel Zelikow in the U.S. to discuss Armenia's economic and political landscape and potential ties with international banks. Key topics included Armenia's debt-to-GDP ratio, closed borders, and political conflict affecting its sovereign rating. The meeting explored expanding correspondent banking relationships and the possibility of opening a J.P. Morgan office in Armenia.