Armenian President Robert Kocharian on November 3 reaffirmed his resolve to continue the policy of reforms despite the country's destabilized situation caused by the recent appalling terrorist action.

"Armenia will be able to overcome its recent problems and to continue its development constitutionally," Kocharian said to around thirty bank executives.

Kocharian positively assessed the stability the country's banking system demonstrated in the wake of the October 27 tragedy, Interfax news agency quoted the presidential press service as saying.

"Armenia's banking system is capable, stable and manageable even under such emergency situations," said the president. These qualities will have a positive impact on the overall economic development and investment projects.

The banks' actions under the emergency circumstances proved that authorities and business are partners and allies, he said.

Kocharian denied the reported preparation of amendments to the law on banking confidentiality.

Tigran Sarkisian, chairman of Armenian Central Bank confirmed that the program the government scheduled for this year remains in effect. The World Bank and the International Monetary Fund have committed to pursuing their programs further, and are prepared to discuss additional assistance to Armenia under the current difficult circumstances.