Armenian prime minister Karen Karapetyan wants his government to create an environment that welcomes creative and entrepreneurial minds. But, as he tells Courtney Fingar, he is also determined to ensure that the country’s population is on board with whatever changes lie ahead.

Since 2014, Armenia has had to contend with currency depreciation, tumbling remittances and the impact of tensions between Russia and Europe. Finance minister Vardan Aramyan tells Courtney Fingar that now the country has achieved macro stability, it is planning micro-level reforms.

Stringent capital requirements set by the Central Bank of Armenia will test many of the country's banks, which are already struggling in a slowing economy. But for those that already meet the new standards, the opportunities arising from possible consolidation could provide a much-needed avenue to growth.

Armenia’s finance minister and former central bank vice-president Vache Gabrielyan is focusing on maintaining the country on its path of recovery, controlling inflation and starting a reform of its pension system.

Although the global financial crisis led to a significant contraction in the Armenian economy, the country’s banks were largely unaffected by the turmoil. With low banking penetration and regulation that is both progressive and cautious, the future for these institutions looks bright.