Pensionary reforms are key element for Armenia's further economic development, Troika Dialogue Board Chair Ruben Vardanyan finds. "That requires serious and cautious steps, as the impact is felt on vulnerable groups of population," he told journalists after official opening of Ameriabank's head office.

Vardanyan also highlighted the importance of refraining from mistakes "not only now but also in 10-20 years' time". "Long-term money allocations are essential for any economy," he added.

Armenian will introduce two-phase pensionary system in 2011, CBA Chair Arthur Djavadyan said November 10 in Tsakdzor, during the meeting of CIS countries' officials dealing with security market management.

Laws on "Investment Funds" and "Cumulative Pensions", are currently at the stage of elaboration.