Friday, November 5 2010 17:16
Central Bank of Armenia forecasts 11% growth in economy crediting
ArmInfo. The assessments of the Central Bank of Armenia (CBA) say that 8,9% growth in money base is expected starting October; under these conditions the monetary stock will grow by 15,4%, and AMD stock by 17,2%, says the program of the CBA's monetary and credit policy for Q4 2010.
According to the program, as a result of dedollarization measures taken by the CBA and government, considerable prevalence of AMD deposits growth over foreign exchange deposits growth will be observed (23,6% and 13,1%).
The financial system will continue implementing the program of crediting of mostly small and medium entrepreneurship, as well as activating the mortgage market, which will condition the 11% expected growth in economy crediting since October 2010 as compared with the same period of 2009.
According to the latest statistical data, over Jan-Sep 2010 the money base dropped by 4,3%, by 0,1% in September, and by 5% as compared with Jan-Sep 2009, having totaled 438.4 bln AMD ($1.2 mln). The monetary stock grew by 0,8% in September, by 3,9% over Jan-Sep 2010, and by 9% as compared with Jan- Sep 2009, having totaled 810.2 bln AMD ($2.2 bln) by 1 October 2010.
The deposits raised by commercial banks grew by 0,6% in September, fell by 0,2% over Jan-Sep 2010, and grew by 1,2% as compared with Jan-Sep 2009, having totaled 650.8 bln AMD ($1.8 bln) by 1 October 2010. In their structure, the share of AMD deposits made up 29% or 189.2 bln AMD ($523.6 mln), and that of foreign exchange deposits made up 70,9% or $1.3 bln (461.5 bln AMD). Provision of crediting of the commercial banks rose by 1,8% in September, by 15,1% over Jan-Sep 2010, and by 22% as compared with Jan-Sep 2009, having totaled 848.4 bln AMD, or $2.3 bln.
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