Tuesday, February 1 2011 19:12

Central Bank of Armenia toughens deposit reserve requirements: 3% in foreign exchange and 9% in AMD


ArmInfo. In order to foster dedollarization the Central Bank of Armenia is toughening its deposit reserve requirements so as to gradually transit to reserving in AMD.

The press service of the CB reports that, according to new requirements, starting from Feb 8 2011, banks will have to reserve 12% of their foreign exchange deposits in the following way: 3% in foreign exchange and 9% in AMD against 6% and 6% before.

According to the National Statistical Service of Armenia, in 2010 the deposit portfolio of Armenia's commercial banks grew by 7% to 702.3bln AMD ($1.9bln), whereof 31% or 217.9bln AMD ($600mln) were AMD deposits and 69% or $1.3bln (484.4bln AMD) - foreign exchange deposits.
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