Tuesday, November 22 2011 13:13

Economy financing growth rates reach 38% in Armenia


ArmInfo. Speed up in the economy financing growth rate reached 38% in late October 2011 versus 33.9% in late September 2011. The annual 25% growth of loans in terms of the national dram in the previous months was observed also in October. Nevertheless, it still yields to loans in terms of foreign currency by 38% (exclusive of sensitivity on the exchange rate). Armenian Central Bank press-service told ArmInfo financing of the economy sectors grew 1.7% for October.

The source reports that money supply and monetary base grew by 27% each as of late October. Despite that, deposits in the Armenian dram grew 43% amid 26% growth of foreign exchange deposits (or almost 20% exclusive of sensitivity on the exchange rate). In fact, dollarization fell 0.8%.

According to the Ranking of Armenian Commercial Banks for Sept 30 2011 total economy financing by banks amounted up 808.4 bln drams with 40% growth versus Sept 2010, 28% growth for 9 months of 2011 and 7% growth for Q3 2011. The share of economy financing in total loan book of the banking system exceeded 65%.
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