Friday, July 29 2011 19:14

July 18-24 2011 Armenian banks increase USD lending b 8.8%


ArmInfo. July 18-24 2011 Armenia's commercial banks issued AMD loans worth 27.3bln AMD (3.8% growth) and USD loans worth $49mln (8.8% growth).

According to the press service of the Central bank of Armenia, the banks bought $89.5mln at 364.34 AMD/1 USD and sold $83.7mln at 365.7 AMD/1 USD on the intra-bank foreign exchange market July 25-29 2011 - 0.7% growth and 6.4% drop, respectively, as compared with the previous week.

The amount of foreign exchange transactions on the inter-bank market totalled $1.1mln (4.7% growth, the average exchange rate being 365 AMD/1 USD).

The amount of foreign exchange transactions at NASDAQ OMX Armenia totalled $31.4mln (2 time growth, 364.24 AMD/1 USD).

Experts say that by actively buying USD this week the CB was trying to prevent USD's depreciation and subsequent market speculations as a result of the high USD inflow in the summer.

July 1 2011 the loan book of Armenia's banking system totalled 1.1trl AMD or $3.088bln - 17.8% more than Jan 1 2011 and 37.7% more than July 1 2010. The share of AMD loans therein was 40.6%.
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