Thursday, May 10 2012 18:19

HSBC Bank Armenia CEO comments on AMD reserve requirement


ArmInfo. It will be hard to meet the AMD reserve requirement should there be a decrease in AMD deposits, HSBC Bank Armenia CEO Astrid Clifford told journalists, when asked what changes she expected from the Central Bank-imposed AMD reserve requirement.

She said that the measure was followed by a short-term jump in interest rates in Dec 2011. Later things settled down, but it is hard to say what an effect this requirement will have. Much will depend on the dollarization rate, which usually depends on economic growth and consumer expectations.

Clifford said that for the moment AMD deposits make up 38% of the bank's total deposits.

She explained that the CB's objective was to encourage saving money in AMD. The banks were informed of the measure beforehand and were prepared for it.

Feb 8 2011 the Central Bank toughened its minimum reserve requirement. Now 9% of a bank's 12% minimum deposit reserve in the CB should be in AMD against 6% before.
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