Saturday, September 17 2011 15:19
Armenia's banking system registers 37% annual growth in economy lending
ArmInfo. As of Sept 1 Armenia's banking system registered a 37% annual growth in the amount of loans given to the economy.
The press service of the Central Bank of Armenia reports that as compared with Sept 1 2010 the AMD supply grew by 28.6% due to 49% growth in AMD deposits and 16% growth in circulating cash. The rate of dollarization dropped by 2.5%.
According to the CB's preliminary report, as of Sept 1 2011 as compared with Sept 1 2010 Armenia's money supply grew 23%, in Jan-June 2011 - by 6.1%, in June 2011 - by 2% to 967.3bln AMD or $2.6bln. The cash outside the banking system dropped by 13.8%, by 0.8% and grew by 2.7%, respectively, to 301.8bln AMD. The share of AMD deposits in the total money supply was 24.7% or 239.5bln AMD. The deposits grew by 26.2%, by 15.1% and by 2.2%, respectively, to 802.8bln AMD or $2.2bln. The share of AMD deposits was 32.1% or 258bln AMD ($709.7mln). The loans grew by 35.7% as compared with Sept 1 2010, by 17.5% in Jan-June 2011 to 1.1trl AMD or $3.1bln. The share of AMD loans was 40.7% or 433.7bln AMD.
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