Monday, February 21 2011 16:39
Economy crediting grew by 28,6% by the end of January 2011 while dollarization reduced by 4,1%
ArmInfo. By the end of January 2011 the volume of the economy crediting in Armenia grew by 28,6%, as against the same period of 2010, and just by 0,3% in January because of certain passiveness of the financial system at the beginning of the year. The dollarization level reduced by 4,1% as against the same period of 2010, press-service of Central Bank reported.
The monetary environment in January was characterized by reduction of the money demand peculiar to this season. According to assessment Central Bank, by the end of January 2011 the monetary stock grew by 14,5% as against the same period of 2010, the Armenian drams monetary stock - by - 18,2%, the monetary base by 4,8%, the dram and foreign currency deposits - by 32,9% and 9,5% respectively. Only in January the monetary base reduced by 4,1%, monetary stock - by 1,7% and Armenian dram monetary stick - by 6,1%, which was conditioned by reduction of the cash and dram deposits circulation by 6,8% and 5,1% respectively, whereas foreign currency deposits grew by 4,3%.
According to preliminary data of Armenian Central Bank, the monetary base in Armenia in 2010 reduced almost by 1%, and only in December grew by 11,5% having amounted to 507.5 bln drams ($1.4 bln). The monetary stock in 2010 grew by 11,8%, and only in December - by 8,6%, as of 1 January 2011 having amounted to 911.4 bln drams ($2.5 bln). The volume of the deposits attracted by commercial banks in 2010 grew by almost 7%, and in December - by 6,7%, having amounted to 702.3 bln drams ($1.9 bln.). In the structure of the attracted deposits the share of the dram deposits was 31% or 217.9 bln drams ($600 mln), and the share of the foreign currency deposits - 69% or $1.3 bln (484.4 bln drams). The volume of credit investments of commercial banks grew by 26% in 2010 and in December - by 4,5%, having amounted to 941.5 bln drams ($2.6 bln). In the credit portfolio of commercial banks the share of the dram credits was 43% or 383.4 bln drams, and the share of foreign currency credits - 57% or 508.4 bln drams. The dram crediting in 2010 grew by 8,6% (in December 2010 - by 4,4%), and foreign currency crediting - by 36,8% (in December - by 4,8%).
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