Monday, December 20 2010 18:45
The level of Armenian economy dollarization reduces by 0,8% in November 2010
ArmInfo. The level of the Armenian economy dollarization reduced by 0,8% in November 2010 and by 3% as against November 2009. As press-service of Armenian Central Bank reported, they managed to reach it thanks to the dedollarization events held the Central Bank and the government. The volume of the Armenian drams deposits in commercial banks grew by 3,8% and the foreign currency deposits - by 1,6%.
Although the dollarization rates continued reducing, the foreign currency credits continued prevailing in the general volume of economy crediting in November. This was conditioned by attraction of resources from external sources and by using of extra currency funds from the correspondent accounts in the Central Bank. Over the reported month the volume of the drams crediting grew by 1,7% and drams deposits grew by 0,9%; the foreign currency crediting grew 2,2%. The volume of the foreign currency crediting grew by 0.8% without taking into account the influence of the dram rate fluctuation.
As of 1 October 2010 the share of the foreign currency crediting in the total volume of the real sector crediting of residents reached 55,7%, having increased by 4,2 percentage points for 9 months of 2010, and by 2,1 percentage points only in the 3Q, and by 3 percentage points as against the same period of 2009. Over the current year decrease of this indicator was fixed in January and April. The maximal share of foreign currency crediting in the total credit portfolio was fixed in September. The great majority of foreign currency credits are long-term and were fixed in the industrial sector (food industry, mining, building materials production), energy and trade. The share of the time foreign currency deposits in the portfolio of the time deposits of residents reached 80,4% as of 1 October 2010, having reduces by 2,4 percentage points for 9 months, by 1,1 percentage points for the 3Q and by 1.8 percentage points as against the same period of 2009. The growth of this indicator was fixed in January, February and March. In January-September 2010 maximal share of foreign currency deposits was fixed in March - 83,6%.
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