Monday, February 20 2012 16:51
High rates of lending to economy sectors retained in Armenia
ArmInfo. High growth rates of loans to the economy sectors were retained in January 2012 - 35.1%. The press-service of the Armenian Central Bank told ArmInfo the growth of loans in terms of the national dram made up 24.7%.
The source reports that dram supply grew 28.4% by late January versus the same period of 2010 due to the 44.2% growth of dram deposits and 16.7% growth of the cash drams. The growth of foreign exchange deposits versus 2010 was 19.8% (or 12.5% exclusive of the currency rate impact). The money supply grew 24.5%. Dollarization for the period under review fell 3.8%.
By forecasts of the Armenian Central Bank, money and dram supplies in 2012 will growth 18.2% and 20.1% respectively. The monetary base will grow 9.7%. The drams in circulation will grow 13% and the volume of dram deposits will grow 28.5%. Foreign exchange deposits will grow 15.6%. In fact, dollarization will fall 2.2% versus 2011 with monetization to grow over 9%. By late September 2012 versus the same period of 2011 loans to economy sector will grow 20.3% or almost by 250 bln drams, CB forecasts. The growth rate forecasts are based mostly on mortgage and SME finance.
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