Tuesday, March 30 2010 17:50

In 2009 annual growth in the Armenian banking system's crediting was neutralized by AMD depreciation


ArmInfo. In 2009 the annual growth in the Armenian banking system's crediting was neutralized by AMD depreciation, the ex chairman of the Central Bank of Armenia Bagrat Asatryan said during a press-conference today.

In early 2009 foreign exchange loans made up 38% of total crediting. After Mar AMD depreciation this figure grew to 51%. In early 2009 the share of AMD deposits was 46% while at the end of the year it dropped to 25%. As a result, the dollarization rate substantially grew.

In 2009 crediting in Armenia grew by 20.4% to 778.2bln AMD. The Central Bank and the Government continued dedollarizing the Armenian economy. Certain requirements were toughened. In Q 3 2009 the CB introduced a special open long foreign exchange position requirement.
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