Friday, June 25 2010 18:01

USD deposit rates in Armenia may drop to 6%


ArmInfo. The USD deposit rates in Armenia will continue to decline and may go as low as 6%, says President of the Union of Banks of Armenia Ararat Ghoukassyan.

The AMD deposit rates will not change.

Vice Chairman of the Board of Armeconombank Hayk Mkrtchyan says that his bank is expecting 2% drop in both USD and AMD credit rates while the deposit rates will not change much.

A few days ago Head of the Financial System and Financial Stability Department of the Central Bank of Armenia Vahe Vardanyan said that the CB also expected drop in the rates.

The CB says that in late Mar 2010 the interest rates of AMD credits lent to legal entities ranged within 14.3%-15.2%, those of USD credits - 13.1%-13.6%, the interest rates of AMD credits lent to physical entities - 18.6%-22.3% (for mortgage loans - 13.4%), those of USD credits - 17.8%-19% (15.2%). The interest rates of AMD deposits by legal entities ranged within 7.6%-8.2%, those of USD deposits - 6%-8.3%, the interest rates of AMD deposits by physical entities - 9.4%-11.8%, those of USD deposits - 6%-9.2%.
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